UAE will not act on its own to raise oil output

The United Arab Emirates will not act on its own to raise oil output, a UAE source familiar with the matter told Reuters on Thursday.

The Gulf producer remains committed to the OPEC+ alliance and only its energy ministry is responsible for oil policy, said the source, who spoke on condition of anonymity.

The UAE’s ambassador to Washington, Yousuf Al Otaiba, had said in a statement the embassy posted on Twitter that Abu Dhabi favoured an increase in oil production and would encourage OPEC to consider higher output.

But in a later statement, Energy Minister Suhail al-Mazrouei said the country believed in the value OPEC+ brought to the market.

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Until now, OPEC+ has resisted calls from the United States and allies to ramp up output, even as oil prices surge to more than $120 a barrel.

After Otaiba’s comments, global oil prices on Wednesday plunged the most since the early days of the pandemic nearly two years ago.

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