OPEC+ ‘only a phone call away’ if world needs more oil – UAE minister

  • The UAE says OPEC can always balance the markets
  • Calls for more investment in oil and gas
  • Tensions over OPEC+ output cut

ABU DHABI, Oct 31 (Reuters) – The United Arab Emirates’ energy minister said on Monday that OPEC+ is ready to provide the world with the oil it needs, and that if consumers demand more, the alliance of leading producer “just one phone. call it”.

Suhail al-Mazrouei told a major industry event in Abu Dhabi that OPEC+, which groups the producer bloc with allies including Russia, can always be trusted to balance oil supply and demand. “Just call us on the phone when the requirements are there,” he said.

OPEC+ is facing one of the West’s biggest clashes after it agreed to cut oil production in October, a decision the US administration called shortsighted. OPEC+ producers rallied to top oil exporter Saudi Arabia after the United States accused it of pushing members to cut.

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The group is expected to hold its next meeting in Vienna on December 4, a day before an agreement by the Group of Seven countries to end oil sales to Russia at an enforced low price due to be implemented.

Energy ministers and CEOs of major oil companies gathered in Abu Dhabi to discuss oil and gas investment, crude oil markets, energy prices and economic growth at a time when the invasion of Russia in Ukraine has shaken the global oil trade.

Speaking at the conference on Monday, US energy envoy Amos Hochstein said energy needs to be priced to allow economic growth, adding that more investment is needed in the oil and gas sector.

Investments from the United States and others are not enough, he stressed. “No matter where you are on the energy spectrum, we all need to invest and innovate,” he said.

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Hochstein said the relationship between the United States and the UAE is “strong, long-standing and sustainable”. Reflecting on the OPEC+ dispute, he told reporters: “People are allowed to have disagreements. It’s less dramatic than people think.

Saudi Arabia and the UAE, two of the world’s largest oil producers, are increasing output and refining, and are working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday.

“We and the UAE are going to be ideal producers,” he said.

The UAE has released the first revision of its 2023 energy plan, which will increase its green targets, Mazrouei said.

“We expect this update to have more green energy sources in it,” he said. “We will see the target, but the expectation is, I’m optimistic that we will increase the contribution of renewables.”

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Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber said earlier that the zero investment in hydrocarbons due to natural decline could lead to the loss of 5 million barrels of oil per day per year from current supplies.

“It’s going to make the shocks we’ve had this year seem like a bit of a shock,” Jaber said.

The world needs maximum energy and minimum emissions, he said.

“Here are the hard facts: Global supply chains continue to be fragile. Today’s geopolitics is more complex, fragmented and polarized than ever,” he said.

Writing by Michael Georgy; Editing by Tom Hogue, Jason Neely and Jan Harvey

Our Standards: The Thomson Reuters Trust Principles.

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