The United Arab Emirates believes OPEC+ made the correct technical choice when it agreed to cut production and the unanimous decision had nothing to do with politics, energy minister Suhail al-Mazrouei said on Tuesday.
His comments came after several members of the oil producers group endorsed the steep cut to output targets agreed this month after the White House accused Saudi Arabia of coercing some other nations into supporting the move, a charge Riyadh denies.
Mazrouei said the decision stabilized prices, rather than increasing them, adding that it was the lack of stability that was driving investors away.
Asked if the UAE plans to ask for a higher baseline as it builds capacity, the minister said there is a mechanism for any country to raise that request.
(Reuters - Reporting by Maha El Dahan and Nadine Awadalla; Writing by Ghaida Ghantous; Editing by Kirsten Donovan)
AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week