UAE energy chief doubles down on OPEC alliance with Russia
ABC News
The United Arab Emirates’ energy minister has doubled down on an oil alliance with Russia that’s helped buoy crude prices to their highest in years as Moscow's war on Ukraine rattles markets and sends energy and commodity prices soaring
DUBAI, United Arab Emirates -- The United Arab Emirates' energy minister doubled down Monday on an oil alliance with Russia that's helped buoy crude prices to their highest in years as Moscow's war on Ukraine rattles markets and sends energy and commodity prices soaring.
The minister said Russia, with its 10 million barrels of oil a day, is an important member of the global OPEC+ energy alliance.
“And leaving the politics aside, that volume is needed today,” Suhail al-Mazrouei said. “Unless someone is willing to come and bring 10 million barrels, we don’t see that someone can substitute Russia.”
Led by Saudi Arabia and Russia, the alliance has the capacity to increase oil output and bring down crude prices that have soared past $100 a barrel.
