Crude prices tanked yesterday after the UAE Ambassador to Washington said that the UAE favors further production increases. Today, the Emirati energy minister, Suhail al Mazrouei has reaffirmed that the UAE will stick to the OPEC plan of gradual production increases. The UAE has taken a step back from assurances it would encourage fellow OPEC members to boost their production above their agreed quotas to help rein in runaway oil prices. In a tweet quoted by media, the Emirati energy minister, Suhail al Mazrouei, said that “The UAE believes in the value OPEC+ brings to the oil market,” and the country remains committed to the OPEC agreement for the gradual increase of oil production. The minister’s statement follows another one, made by the UAE’s ambassador to the United States, saying that “We favour production increases and will be encouraging Opec to consider higher production levels.” Shared with the Financial […]