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UAE favors raising oil production: Envoy

Oil prices drop following ambassador’s statement

The United Arab Emirates (UAE) favors an increase in oil production and will encourage the OPEC to raise it production levels, the Emirates’ ambassador to Washington said Wednesday.

“The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy,”Yousef Al Otaiba said in a statement.

US Secretary of State Antony Antony Blinken welcomed the UAE’s support for higher production before adding: “stabilize global energy markets, to make sure that there remains an abundant supply of energy around the world.”

The price of Brent crude dropped to $110 per barrel after al Otaiba’s statement. It had been at $132 earlier Wednesday.

It was at $113 as of 1020 GMT.

Source
AA

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