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UAE supports Saudi proposal for emergency OPEC+ meeting

Sunday, April 05, 2020

The United Arab Emirates supports the proposal of the Kingdom of Saudi Arabia to call for an emergency meeting of OPEC+ and a group of other countries to ensure the balance and stability of the global oil market.

''A joint and combined effort by all oil producing countries is required, not only the group of OPEC+ countries, in order to address the weakness of demand in the global oil market,'' said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, in a statement on Sunday The minister stated that:'' The UAE government appreciates the positive and pivotal role of the Kingdom of Saudi Arabia and its great efforts to achieve balance in global markets. We note the important role of the Kingdom of Saudi Arabia in the OPEC+ agreement, and that the Kingdom incurred a reduction rate greater than its share.'' ''We also appreciate the important role played by countries outside OPEC, especially Russia, for their constructive cooperation to achieve balance in global markets.

''The UAE is confident that, if an agreement can be reached, all producing countries will work quickly and cooperatively to address the weak demand for oil in global markets, helping to rebalance the market and maintain global oil inventories at reasonable levels,'' he concluded.

* Source: WAM

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