Could Middle East nations come to the rescue as the Ukraine war drives up oil prices?
CNN
The UAE suggested that it may support an increase in oil output within the framework of OPEC+. We ask energy expert Amena Bakr how likely that is to happen.
Yousef Al Otaiba, the UAE ambassador in the United States, told CNN his country favors an oil output hike. It was the first indication from a member of the OPEC+ cartel of oil producers that a supply increase beyond what was agreed by the group could be considered. OPEC+ had refused to budge from its current plan to gradually ramp up output.
OPEC+ is a group of 23 oil producing countries, including Russia, that coordinates oil policies which have a role in determining prices on the market.
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