The UAE to encourage fellow OPEC members to boost oil production - FT

Joel Frank Independent Analyst

The UAE is set to encourage fellow OPEC nations to increase oil production levels given that the Russian invasion of Ukraine has pushed crude oil prices to their highest level in more than ten years, a senior official said on Wednesday, according to the Financial Times. In a statement to the UK financial journal, Yousef al-Otaiba, the UAE’s ambassador to Washington, said that "we favour production increases and will be encouraging Opec to consider higher production levels".

“The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy,” he continued. The UAE becomes the first major OPEC nation to call for higher output since the invasion of Ukraine.

Market Reaction

Front-month WTI futures have slid back to lows of the day in the $116/barrel area in wake of the news.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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