UAE Energy Minister: OPEC Exit Would Enhance Market Response Capabilities

Deep News04-28 23:12

The UAE's Minister of Energy, Suhail Al Mazrouei, stated in an interview that leaving OPEC would enable the UAE to respond to market demand "at a pace we deem appropriate." He expressed a desire to avoid constraints from any other organization when making such a decision.

He noted that the closure of the Strait of Hormuz indicates insufficient market supply and a significant decline in global inventory levels, necessitating unconventional measures. The minister emphasized the need for the freedom to make necessary decisions under the current circumstances.

The country is progressing towards its goal of achieving an oil production capacity of 5 million barrels per day by 2027.

The minister added, "The UAE possesses substantial resources not only domestically but also internationally. We are continuously developing our asset portfolio to avoid causing disruptions to the market."

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