#UAE will work with OPEC+ to stabilise oil market, says energy minister | Reuters

UAE will work with OPEC+ to stabilise oil market, says energy minister | Reuters

The United Arab Emirates will work with OPEC+ to make sure the energy market is stable, UAE energy minister Suhail al-Mazrouei said on Monday at an industry event.

He said the UAE was doing its best to raise capacity to 5 million barrels per day (bpd) but that did not mean it wanted to act on its own or leave OPEC+, a group that includes the Organization of the Petroleum Exporting Countries, Russia and others.

"We as a country are trying to do our best. We are investing and raising our capacity to 5 million barrels," said Mazrouei.

"But that does not mean that we will leave OPEC+ or do something unilateral. We will work with this group to ensure that the market is stable."

The oil market has been volatile, buffeted by Russia's invasion of Ukraine and the expansion of COVID-related lockdowns in China, the world's largest crude importer.