UAE Energy Minister Suhail al Mazrouei on Wednesday defended OPEC’s policies in the face of Trump’s intentions for the bloc to increase production to reduce the price of oil.

He said that what they are doing as a group is to ensure that this product is available at the right price for consumers and companies alike

Al Mazrouei was speaking to a panel at the World Government Summit (WGS) in Dubai earlier in the day.

He insisted that if this equation is not correct, we know what will happen.

The price will fall below the level that attracts companies and there will be a rise in prices again.

He stressed that there is a huge demand, and recalled that the US is one of the important producers, although the UAE is also a major producer, so they exchange views to ensure that this product is available to the market.

His comments come a week after OPEC+’s Joint Ministerial Monitoring Committee (JMMC) (comprising the bloc and 10 external allies, including Russia), decided to stick to its plan to gradually increase crude supply from April, despite Trump.

That committee, chaired by Saudi Arabia and Russia, decided not to recommend an immediate increase in supply, so the plan to gradually return a total of 2.2 million barrels per day (mbd) to the market over 18 months continues.

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