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UAE shows support on oil production freezing

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Following a deal between Saudi Arabia, Qatar, Russia and Venezuela to hold oil production at January levels, UAE too has shown support on freezing in order to stabilise current markets.

“We believe that capping the levels of production by Opec members would have a positive effect in balancing future demand with the current oversupply,” Suhail Al Mazrouei, UAE Minister of Energy said in a release on Wam.

In addition, Iran announced that it would support an oil production ceiling despite its first post-sanction oil hitting the international markets this week. “The decision that was taken for the Opec and non-Opec members to keep their production ceiling to stabilise the market and prices for the benefit of producers and consumers, is supported by us,” Iranian oil minister Bijan Zanganeh said on Wednesday, quoted by the ministry’s official Shana news agency.

 

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