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OPEC+ able to increase oil supply in case of market demand, UAE minister tells Asharq

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08 Nov 2021 08:11:03 GMT9
08 Nov 2021 08:11:03 GMT9

Arab News

The Organisation of Petroleum Exporting Countries and its allies, the group known as OPEC+, are able to increase oil supply if there is market demand, United Arab Emirates Energy Minister Suhail al-Mazrouei told Asharq TV channel.

“We will continue until September to increase oil production, until we restore the cuts we made due to Covid-19” he said during an interview with Asharq news.

Separately, Al Mazrouei told the ‘African Oil Week’ conference that oil and gas are needed to ensure reliable supplies of energy during the transition period toward clean energy adding that insufficient investments in the oil and gas industry could lead to higher energy prices. 

Had it not been for the OPEC + intervention, oil prices would have witnessed greater increases “the important thing for us now is to achieve a balance between supply and demand” he added.

The minister announced that UAE is ready to invest in solar and wind energy projects in Africa, and sees potential in developing hydrogen as an energy source.

This comes following the UAE’s released plan in October to reach carbon neutrality by 2050, allocating investments amounting to $163.3 billion in renewable energy.

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