ABU DHABI, Oct. 31 (Reuters) – The United Arab Emirates’ energy minister said on Monday that OPEC+ is committed to providing the world with the oil supply it needs, conveying the message that the alliance of top producers is always able to balance markets.
OPEC+ will always remain a trusted technical organization for balancing oil supply and demand, Suhail al-Mazrouei said at a major industry event in Abu Dhabi.
“We’re just a phone call away when the demands are there.”
US energy envoy Amos Hochstein said energy should be priced in a way that allows for economic growth and more investment is needed in the oil and gas sector.
At the same conference, Hochstein added that the relationship between the United States and the UAE is “strong, long-lasting and sustainable”.
In October, OPEC+ agreed to sharp cuts in oil production, squeezing supply in an already tight market and sparking one of the biggest clashes with the West, as the US administration called the surprising decision short-sighted.
OPEC+ producers gathered around Saudi Arabia after the United States accused the kingdom of pushing OPEC+ countries into production cuts.
Saudi Arabia and the United Arab Emirates, two of the world’s largest oil producers, are increasing production and refining and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said Monday.
“We and the UAE will be the exemplary producers,” he told a major industry event in Abu Dhabi.
Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber previously said zeroing investments in hydrocarbons due to natural decline could lead to a loss of 5 million barrels of oil per day per year from current stockpiles.
“The data is clear. If we zeroed out investment in hydrocarbons… due to natural decline… we would lose 5 million barrels of oil per day each year to current inventories. experienced as a minor tremor,” Jaber said.
The world needs maximum energy and minimum emissions, he said.
“Here are the hard facts: Global supply chains remain vulnerable. Geopolitics are now more complex, fragmented and polarized than ever,” he said.
Writing by Michael Georgy; adaptation by Tom Hogue and Jason Neely
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