UAE Disappointed on Collapse of OPEC+ Agreement; Calls for a New Agreement

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The UAE Minister of Energy and Industry, Suhail bin Mohammed Al Mazrouei, expressed his disappointment after the collapse of the OPEC+ oil cuts agreement, which expires at the end of March.

In a series of tweets, Al Mazrouei said that the UAE has ample production capacity that will be quickly brought online in light of the current conditions.

The minister added that OPEC and OPEC+ played an important role in delivering market stability.

The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market, the minister also said.

In a related development, the UAE-based Abu Dhabi National Oil Co. (ADNOC) announced on Wednesday that it is ready to boost oil supplies by around 1 million barrels per day (mbpd) to 4 mbpd in April.