Increasing OPEC+ Oil Production Faster Has ‘No Logic’, UAE Says - Bloomberg
The United Arab Emirates said there was no need for OPEC+ to increase oil production any faster, despite pressure from major consumers such as the U.S. and Japan for the group to help ease gasoline prices.
“There is no logic to increasing our contribution,” UAE Energy Minister Suhail Al-Mazrouei said to reporters on Tuesday in Dubai. “I don’t think we are changing the plan.”
The minister did not specify if he would agree to OPEC+ slowing its output increases should the U.S. and others announced a sale of their strategic petroleum reserves in a bid to lower gasoline prices.
The Organization of Petroleum Exporting Countries and its partners including Russia next meet on Dec. 2. The group is raising daily output by 400,000 barrels each month, but has said it will be flexible and can move slower or faster depending on demand.
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