Suhail Al Mazrouei, minister of energy and infrastructure of the United Arab Emirates (UAE), insisted that Russia will always be a member of the Organization of the Petroleum Exporting Countries and its allies (OPEC+).
CNBC reported that Al Mazrouei said in an interview on the 28th that no country can match the energy output of Russia, and OPEC+ cannot lose focus due to political issues when managing the energy market.
“Russia will always be part of the community and we have to respect them,” Al Mazrouei told CNBC host Hadley Gamble at the Atlantic Council’s sixth annual Global Energy Forum in Dubai. He said that Russia cannot be excluded when energy importers negotiate with OPEC+.
The United States, Europe and Japan have repeatedly called for oil-producing countries to find ways to cope with the high oil prices caused by the Russian-Ukrainian war and supply shortages. However, Al Mazrouei said Russian crude would have to play an important role if it was to meet the target. “Who can replace Russia today? I can’t think of any country that can replace these 10 million barrels of crude oil in one year, two years, three years, four years or even 10 years,” he said.
Al Mazrouei pointed out, “Our goal is the same as theirs, they all want to stabilize the market, bring supply and demand back into balance…but you can’t sanction a hydrocarbon that cannot be replaced unless you want the price to go up. They act, But expecting the opposite direction, the expectations are doomed to fail.”
OPEC and non-OPEC ministers will hold a video conference on March 31 to decide the next phase of oil production policy. OPEC alone supplies 40% of the world’s crude oil.