Saudi Arabia and the United Arab Emirates (UAE) said they cannot exclude Russia from OPEC+, a consultative body of OPEC and other oil-producing countries.
Saudi Energy Minister Abdulaziz Bin Salman attended the World Government Summit (WGS) in Dubai on the 29th (local time) and said that oil-producing countries should not politicize the crude oil market only at the OPEC conference hall door. Reuters reported. Asked if OPEC+ is likely to exclude Russia, Minister Abdulaziz said that OPEC+’s top goal is to stabilize the crude oil market.
UAE Energy Minister Suhail Mazruai also said that their only mission is to stabilize the crude oil market, so it cannot be politicized, adding thathe exit of certain countries will lead to higher energy prices, which is not what consumers want.
The two countries also pointed to Yemeni rebels Houthi and Iran, who support them, as causes of the current oil market instability. Minister Abdulaziz voiced his opinion on the day who fired missiles and rockets in Abu Dhabi and who trained and supported them (Yemen rebels). Yemeni rebels airlocked oil facilities in Abu Dhabi, UAE, in January with drones and ballistic missiles. It also attacked Saudi Aramco’s oil facility on the 21st.
Reuters and others predicted that OPEC+ will maintain its existing production increase policy in May, saying OPEC and OPEC+ are unlikely to increase production further in the future. OPEC+ has decided to increase production by 400,000 barrels a day every month since August last year, and has since maintained its existing policy despite further pressure to increase production due to rising oil prices.
