Mazrouei: UAE Disappointed after Collapse of OPEC+ Agreement

The UAE Minister of Energy and Industry Suhail bin Mohammed Al Mazrouei has said that a new agreement between Opec+ (an alliance comprising the Organization of Petroleum Exporting Countries plus Russia and other producers) country members was essential to support a balanced and less volatile market.

Al Mazrouei said, via a series of tweets, that both Opec and Opec+ played an important role in delivering market stability.

"The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market," he added.

The UAE Minister's remarks follow recent developments between Opec and non-Opec allies failing to agree on how much oil production to cut amid the coronavirus outbreak, said a statement from UAE Minister of Energy and Industry.

He went on to note that operators in the country have "ample production capacity that will be quickly brought online given the current circumstances."

According to the Al Mazrouei's official twitter account, the minister expressed his disappointment in the lack of agreement between Opec+.

"We are disappointed that no agreement was reached by Opec+ and the current declaration of cooperation will therefore expire at the end of March 2020," he added.