OPEC remains committed to oil production agreement with Russia
The Biden administration has been unable to get Gulf states to increase oil production to bring down prices and some European states are seeking alternatives to Russian natural gas.
The United Arab Emirates’ energy head has endorsed an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and Russia. Energy Minister Suhail al-Mazrouei said that the war in Ukraine should not affect the oil giants’ plans.
“We always believe that whatever we do as countries, when it comes to production and this work, it needs always to stay out of politics,” said Mazrouei at the Atlantic Council’s energy forum in Dubai.
Why it matters: The so-called OPEC+ alliance decided earlier this month to stick to its planned 400,000-barrel-a-day increase for April. Oil prices have been rising all year, and shot up to their highest levels since 2008 following the Russian invasion of Ukraine in late February.
US President Joe Biden has been pressuring Saudi Arabia and Venezuela, both OPEC members, to increase oil production as a means to bring down prices. OPEC member states have thus far declined to do so, however.
