‘What we are doing as a group is ensuring that this product is available to consumers at a fair price,’ Minister Al Mazrouei said.

On Wednesday, the United Arab Emirates’ Energy Minister, Suhail al Mazrouei, defended the policy of the Organization of the Petroleum Exporting Countries (OPEC) against pressure from U.S. President Donald Trump to increase oil production, which would lead to a reduction in oil prices in international markets.

RELATED:

President Nicolas Maduro Meets with Chinese and OPEC Delegations

“What we are doing as a group is ensuring that this product is available to consumers at a fair price, both for consumers and for companies. If this equation is not right, we already know what will happen. The price will fall below the level that attracts companies, and there will again be a spike in prices,” said Al Mazrouei during a panel at the World Government Summit (WGS) held in Dubai.

The Energy Minister emphasized that “there is enormous demand” and noted that “the U.S. is one of the major producers, and so are we. We exchange views to ensure that this product is available to the market.”

“We are all working to achieve this. OPEC is collaborating, even though people might think we are not,” Al Mazrouei commented a week after the OPEC’s Joint Ministerial Monitoring Committee (JMMC) decided to maintain its plan to gradually increase crude supply starting in April, despite Trump’s request for an immediate reduction in prices.

Chaired by Saudi Arabia and Russia, the JMMC decided not to recommend an immediate increase in supply, sticking to the plan of gradually returning a total of 2.2 million barrels per day (mbd) to the market over 18 months. This volume was voluntarily withdrawn from the market in 2023 by eight producers: Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

The JMMC meeting, tasked with overseeing compliance with agreements within OPEC+, took place amid tensions and volatility in energy markets, driven by the trade war initiated by the U.S. through the imposition of tariffs on Canada, Mexico, and China.

“What we have done as a group ensures market stability, supply, and demand… and this has benefited many countries, whether they are consuming or producing nations,” insisted the UAE Energy Minister.

teleSUR/ JF Source: EFE

EN ESTA NOTA: