Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

OPEC+ 'only a phone call away' if markets need balancing - UAE minister

OPEC+ 'only a phone call away' if markets need balancing - UAE minister

The United Arab Emirates' energy minister said on Monday that OPEC+ was always willing to balance crude oil markets if needed, and that if consumers require its help, the alliance of top producers was "only a phone call away".
Suhail al-Mazrouei told a major industry event in Abu Dhabi that OPEC+, which groups the producer bloc with allies including Russia, can always be trusted to balance oil supply and demand. "We are only a phone call away if the requirements are there," he said.

OPEC+ faced one of its biggest clashes with the West after it agreed oil production cuts in October, a decision the U.S. administration called shortsighted. OPEC+ producers rallied around top oil exporter Saudi Arabia after the United States accused it of pushing members into the cut.

The group is expected to hold its next meeting in Vienna on Dec. 4, one day before an agreement by the Group of Seven countries to cap Russian oil sales at an enforced low price is due to go into effect.

Energy ministers and CEOs of top oil companies have meanwhile gathered in Abu Dhabi to discuss investment in oil and gas, crude markets, energy prices and economic growth at a time when Russia's invasion of Ukraine has shaken up the global oil trade.

Speaking at the conference on Monday, U.S. energy envoy Amos Hochstein said energy had to be priced to allow for economic growth, adding that more investment is needed in the oil and gas sector.

Investment from the United States and others is not enough, he stressed. "Regardless where you are on energy spectrum, we must all invest and innovate," he said.

Hochstein said the relationship between the United States and the UAE is "strong, long-standing and enduring". Reflecting on the spat with OPEC+, he told reporters: “People are allowed to have disagreements. It’s a lot less drama than people think.”

OPEC raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday, and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

The view from the Organization of the Petroleum Exporting Countries in its 2022 World Oil Outlook contrasts with that of other forecasters which see oil demand reaching a plateau before 2030 due to the rise of renewable energy and electric cars.

Saudi Arabia and the UAE, two of the world's biggest oil producers, are boosting output and refining, and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday.

"We and the UAE are going to be the exemplary producers," he said.

The UAE is releasing its first revision of its energy plan in 2023, which will increase its green targets, Mazrouei said.

"We are expecting that this update will have more green sources of energy in it," he said. "We will see the target, but the expectation, I'm optimistic that we will raise up the contribution of renewables."

Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber said earlier that zeroing out hydrocarbon investment due to natural decline could lead to a loss of 5 million barrels of oil a day per year from current supplies.

"This would make the shocks we have experienced this year feel like a minor tremor," Jaber said.

The world needs maximum energy and minimum emissions, he said.

"Here are the hard facts: Global supply chains continue to be fragile. Geopolitics are now more complex, fragmented and polarised than ever," he said.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
×