OPEC+ alliance to be maintained despite Russian aggression over Ukraine

Emirates warns that Russia remains vital to the oil market

AFP/KARIM SAHIB - UAE Minister of Energy and Infrastructure Suhail bin Mohamed al-Mazrouei speaks during the Atlantic Council's Global Energy Forum in Dubai, 28 March 2022

Russia remains essential to maintain global oil supply, UAE Energy Minister Suhail bin Mohammed al-Mazrouei warned on Monday, saying the OPEC+ alliance, led by Moscow and Riyadh, will be maintained. 

"Unless someone wants to step up and contribute 10 million barrels (of oil per day), we don't see anyone replacing Russia," Al Mazrouei said on the opening day of 'The Global Atlantic Council' energy forum in Dubai. 

"I think the organisation will continue. Russia is an important member and, politics aside, that volume is necessary today," the minister said, referring to the continuity of OPEC+, which brings together the countries of the Organisation of the Petroleum Exporting Countries (OPEC) and ten other oil producers, including Russia.

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This group, formed in 2016, has maintained since last August an increase in oil production of 400,000 extra barrels per month, despite pressure from consumer countries to accelerate this increase in the face of the high price of crude oil on international markets. 

During his speech in Dubai, Al Mazrouei reiterated his country's support for this strategy to balance supply and demand and ensure the stability of the global market. 

At the same forum, the Emirati Minister of Industry and Technology, Sultan bin Ahmed al Jaber, indicated that the balance between oil supply and demand is expected to reach pre-pandemic levels by the last quarter of the year. 

On the other hand, he warned that "the decline in long-term investment in oil and gas and an unrealistic approach to keeping pace with the transformation of the energy sector makes markets vulnerable to geopolitical shocks".