DUBAI,
United Arab Emirates —
Volatility in oil markets sparked by Russia’s invasion of Ukraine would be
worse without OPEC+, the Saudi energy minister said on Tuesday, insisting the
alliance that includes Russia deserves credit.
اضافة اعلان
Oil shot up to nearly $140 on supply fears
after Russia sent troops into neighboring Ukraine on February 24, and the price
of crude is still trading at well over $100 a barrel.
“I certainly believe that if it wasn’t for
OPEC+ existing, we would not be celebrating a sustainable energy market ...
even with today’s volatility,” Prince Abdulaziz bin Salman said.
“Volatility would have even been worse if
OPEC were not together and did not exist,” the Saudi minister told the World
Government Summit in Dubai.
The 13-member, Saudi-led Organization of the
Petroleum Exporting Countries (OPEC) has so far resisted calls to lift
production further following the Russian invasion of Ukraine. OPEC+ comprises
another 10 countries including Russia.
Prince Abdulaziz said OPEC, which also
includes Saudi Arabia’s regional foe Iran, was strictly non-political.
“When we get into the OPEC meeting room or
building, everybody leaves his politics outside the door of the building, and
that culture has been with us,” he said.
He also warned that attacks by Yemen’s
Iran-backed Houthi rebels on Saudi oil facilities, including a wave of drone
and missile strikes on Friday, “put into question our ability to supply the
world with the necessary energy requirements”.
‘Trust
us’
Emirati
Energy Minister Suhail Al-Mazrouei called for “trust” from the West, rather
than being told to “do this or do that”.
“What we need is pragmatism, we need to look
at the objective of the energy and what we are asking for, not to tell us do
this or do that,” Mazrouei said.
“We need their understanding that what we are
doing is to the benefit of the consumers,” Mazrouei added, referring to
Washington, which he described as an “important partner”.
“When we say this is the right way to do it,
we know it from experience, so trust us.”
The OPEC+ alliance plans to increase output
by 400,000 barrels a day in April, the same pace as in past months, despite
calls for it to accelerate production by even more.
Since launching its assault on Ukraine,
Russia has been hit by a raft of Western sanctions and expelled from world
organizations, including the Group of 20 major economies.
Mazrouei said that ousting any OPEC+ member
from the alliance would not benefit consumers.
“Our aim is to calm the market, trying to
come up with volumes as much as possible, and if we are asking anyone to leave,
then we are raising the prices, then we are doing something against what the
consumers want,” he said.
Read more Business
Jordan News
.jpg)
.jpg)
