OPEC + is still adhering to the current parameters of the deal, if additional actions are required, it will assess it in November, Report informs, UAE Energy Minister Suhail Mohamed Al Mazrouei told reporters on the sidelines of the Russian Energy Week.
"We agreed that we will continue to increase production (by 400,000 barrels per day), and we will increase it all as a group. And if more is needed, we will evaluate it at the next meeting," Al Mazrouei said.
He added that OPEC + aims to make decisions based solely on the market situation. At the same time, it is important to maintain the attractiveness of the industry for investment.
In addition, he said that the UAE has additional opportunities to increase oil production, like other countries, this will be coordinated with OPEC +.
"It is important to maintain the balance in the market... we will not take any actions alone, we will coordinate with OPEC+, but yes, we have the opportunities (to increase production - ed.), like other countries," Al Mazrouei added.
The OPEC+ alliance, due to the drop in oil demand, caused by the coronavirus pandemic, has reduced its production by 9.7 million barrels per day since May last year. As the situation has stabilized, the deal was rectified. And since August 2021, the alliance has been increasing production by 400,000 barrels per day per month, hoping to gradually withdraw from its obligations to reduce it by the end of September 2022.