Crude oil futures were higher in mid-afternoon Asian trade March 10 after the UAE’s energy minister affirmed the Gulf state’s commitment to OPEC+ monthly production increases, contradicting a UAE top diplomat’s call for higher OPEC output, which led to an overnight price slump. At 4:20 pm Singapore time (0820 GMT), the May ICE Brent futures contract was up $5.20/b (4.68%) from the previous close at $116.34/b, while the April NYMEX light sweet crude contract was up $3.84/b (3.53%) to $112.54/b. “The UAE believes in the value OPEC+ brings to the oil market,” UAE energy minister Suhail al-Mazrouei said on twitter March 10. “The UAE is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism.” The comments come after UAE ambassador to the US Yousef al-Otaiba said in a March 9 statement published on the […]