DUBAI,
United Arab Emirates —
OPEC member the UAE will support “global energy security”, its president said
Wednesday as oil prices remain volatile due to supply concerns stemming from
the war in Ukraine.
اضافة اعلان
Sheikh
Mohamed bin Zayed Al-Nahyan made the
pledge in an address to the nation, the first since he became president of the
energy-rich country in May, following the death of his half-brother.
“We will also continue to consolidate our
nation’s position as a reliable energy provider, and support global energy
security as a fundamental driver of global economic growth and development,” he
said in the televised speech.
His comments came as
US President Joe Biden arrived in Israel on a Middle East tour that will also take him to oil kingpin
Saudi Arabia.
The trip to Riyadh is seen as part of efforts
to stabilize oil markets rattled by Russia’s invasion of Ukraine and resultant
sanctions on Moscow.
Oil prices have dipped below $100 per barrel
in recent days, but remain elevated compared to historical norms.
Biden is expected to try to persuade Saudi
Arabia — the world’s biggest oil exporter — to increase supplies to sustainably
shepherd down prices that have in recent months fuelled inflation around the
world.
Earlier Wednesday, the
International Energy Agency (IEA) warned that the global economic recovery could be derailed unless
governments take measures to reduce fuel prices and consumption.
The IEA also predicted that oil demand would
continue to rise, likely outstripping supply.
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