[Asia Economy Reporter Jeong Hyunjin] As oil prices soared due to Russia's airstrikes on Ukraine, the market has been closely watching the possibility of increased production by the Organization of the Petroleum Exporting Countries (OPEC). However, reports have emerged that the United Arab Emirates (UAE) will not independently increase oil production.
On the 9th (local time), major foreign media outlets cited sources saying that the UAE continues to honor its commitments with OPEC Plus (OPEC+), which includes OPEC and Russia, and that the only department responsible for oil policy is the UAE Ministry of Energy.
Earlier that day, Youssef Al Otaiba, the UAE ambassador to the United States, tweeted, "We prefer an increase in production and will encourage OPEC to consider increasing output." Following this statement amid international oil prices reaching a 14-year high the previous day, oil prices on the New York Mercantile Exchange closed down more than 12%.
However, hours later, Suhail Al Mazrouei, UAE Minister of Energy, reaffirmed that the UAE will adhere to the OPEC+ agreement and the monthly production adjustment mechanism. He wrote on Twitter, "The UAE believes in the value of OPEC+ in the oil market."
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