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2022年3月29日星期二

OPEC+ still reluctant to significantly increase output, UAE backs Russia

 Russia will always be a member of OPEC+, the UAE energy minister insists, despite governments shunning Moscow over the war in Ukraine No country can match Russia's energy output, Suhail Al Mazrouei said on Monday. He said: "Russia will always be a member of this organization, and we need to respect them." Based on OPEC+'s firm attitude towards Russia, the influence of Russian oil on international oil prices is indispensable, and the market must pay close attention to the direction of the Russia-Ukraine war.


The UAE energy and infrastructure minister insisted that Russia will always be a member of OPEC + , even as governments around the world shun the oil exporter over the Ukraine war.

Suhail Al Mazrouei, the former chairman of the oil union, said on Monday that no country can match Russia's energy production, arguing that politics should not distract from the group's efforts to manage energy markets . " Russia will always be part of this group and we need to respect them ," he told

the Atlantic Council's sixth annual Global Energy Forum in Dubai . "OPEC+, when they talk to us, they need to Talk to us, including Russia ." He was referring to the group's negotiations with energy importers. The United States , Europe and Japan have called on producers to do more to deal with record-high oil prices caused by the war in Ukraine and persistent supply shortages. However, Al Mazrouei said Rosneft will play a key role in making this happen . His comments came as Western allies expressed concern that energy imports from Russia are indirectly boosting Russian President Vladimir Putin's oil and gas revenues. “Who can replace Russia today? I can’t think of any country that can replace 10 million barrels of oil in one, two, three, four or even 10 years . It’s not realistic.” OPEC+ led by Saudi Arabia and Russia Ability to increase oil production and reduce crude oil prices, which have now jumped to 100 per barrel







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more than US dollars .

"We agree with their goal of trying to stabilize the market and balance the market," Al Mazrouei said. "But you can't do that. You can't do it by sanctioning an oil that you can't replace - unless you want prices to keep going higher ."

OPEC Ministers from non-OPEC and non-OPEC countries are scheduled to hold a video conference on Thursday to determine the next phase of production policy.

G7 energy ministers said OPEC would play a key role in easing market tensions, with the influential alliance facing new pressure to increase oil supplies. They said in a joint statement on March 10: "We call on oil and gas producers to act responsibly and to review their ability to increase supply to the international market, especially where production has not yet reached full capacity, OPEC plays an important role. It will help ease tensions." The G7 includes the UK, US, Canada, Japan, Germany, France and Italy.

OPEC+ is unwinding record output cuts of around 10 million bpd. The historic production cut was implemented in April 2020 to help the energy market recover after the coronavirus hit crude demand.

Most recently, the group increased production by 400,000 barrels per day per month. The energy union has persevered despite continued pressure from major consuming nations to boost supply to cool prices and help the economy recover .

OPEC alone accounts for about 40% of global oil supply.

Based on OPEC+'s firm attitude towards Russia, it can be found that Russia has an irreplaceable position and role in the OPEC+ alliance. Therefore, the influence of Russian oil on international oil prices is indispensable, and the market must pay close attention to the trend of the Russia-Ukraine war.

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Brent crude oil daily chart
at 13:28 Beijing time on March 29,  Brent crude oilContinuous at $108.35 a barrel

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