The United Arab Emirates has announced that it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the markets.
In 2021, India’s refining giant Reliance Industries announced plans to move most of its oil-trading staff from Mumbai to Dubai.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, noted that the UAE will continue to forge ahead to ensure the energy sector reaches new heights through collaboration and a steadfast commitment to excellence and leadership.
The OPEC+ group is currently pumping 2.6 million barrels per day (bpd) of oil below its target, and efforts to boost output per the monthly plans are “not encouraging,” the energy minister of one of OPEC’s top producers, the United Arab Emirates, said on Wednesday.