The Minister of Energy and Infrastructure of the United Arab Emirates argues that Russia is always part of OPEC +, even if governments around the world are avoiding oil exporters in the war in Ukraine.
Former President of the Oil Alliance, Suhail al-Mazulowei, spoke with CNBC on Monday, stating that no other country can match Russia’s energy production, and politics should not interfere with the group’s energy market management efforts. Insisted.
“Russia will always be part of that group, and we need to respect them,” he told Hadley Gamble at the 6th Annual Global Energy Forum of the Atlantic Council in Dubai. ..
“OPEC +, when they talk to us, they need to talk to us, including Russia,” he said, referring to group negotiations with energy importers.
The United States, Europe and Japan are calling on oil-producing countries to work harder to tackle record highs amid the war and ongoing supply shortages in Ukraine.
But Al Mazulowei said Russian oil plays a vital role in achieving that. Comments have been made as Western allies have expressed concern that Russia’s energy imports indirectly outperform President Vladimir Putin’s battlefield in oil and gas revenues.
“Who can replace Russia today? I can’t think of a country that could replace 10 million barrels in a year, two, three, four, or even ten years. That’s not realistic,” he said. Said.
OPEC +, led by Saudi Arabia and Russia, has the ability to increase oil production and lower oil prices, exceeding $ 100 per barrel.
“We agree with their goals or objectives to calm and balance the market, but you do not do this, by imposing sanctions on hydrocarbons,” said Al Mazulowei. Don’t do that. Unless you want to increase the price, you can’t replace it. “
“They are doing something, but expecting the opposite reaction, and that won’t happen.”
OPEC and non-OPEC ministers will meet on Thursday via a video conference to determine the next phase of production policy.
In the midst of new pressure for influential alliances to increase oil supplies, after the G7 energy minister said OPEC “has an important role to play” in relieving market tensions. be.
“We call on oil and gas producers to take responsible action, especially to consider their ability to increase supply to international markets where production is not fully capacity. OPEC plays an important role. Keep in mind, “said the G7 Energy Minister in a joint statement on March 10.
“This relieves tension and helps to note the already made thank-you announcements for this purpose.”
The G7 group of major economies consists of the United Kingdom, the United States, Canada, Japan, Germany, France and Italy.
OPEC + is in the process of breaking a record supply cut of about 10 million barrels per day. A historic production cut was implemented in April 2020 to help the energy market recover after the surge in demand for crude oil due to the coronavirus pandemic.
Recently, the group has increased its monthly production by 400,000 barrels. The Energy Alliance continues to maintain its course, despite continuing pressure from top consumers to lower prices and support economic recovery.
OPEC alone accounts for about 40% of the world’s oil supply.