UAE Energy Minister: OPEC+ mission is to stabilize the market

UAE Energy Minister Suhail Mohamed Al Mazrouei said on Tuesday, “we have one mission in OPEC+, which is stabilizing the market.”

Additional comments

We are not taking sides today and saying this is right or wrong inside the OPEC+ organization.

Our aim is to calm the market and come up with the volumes, if we ask someone to leave, we would raise the prices which is against what consumers want.

We cannot squeeze some partners out of OPEC+, countries can select from which resources they buy but we can't decide for the world.

We have seen crises and wars before and we stayed on course and delivered.

Difficult to predict future of market volatility, issues like whether Iran barrels will come into the market or not and whether or not investments will be made to replace lost barrels hanging.

Lack of investments in oil and gas will catch up with us down the road, we need to incentivise investments.

More barrels will be needed in the future and few countries are putting resources to develop them.

We believe there will be growth in demand, we're seeing it.