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The Latest Breaking News from Suhail AlMazrouei

United Arab Emirates will leave OPEC in a blow to the oil cartel

The United Arab Emirates will leave OPEC effective Friday, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices

The Independent UK

The UAE opens its annual oil-and-gas summit at it pledges to increase output even as prices fall

The United Arab Emirates has opened its annual oil-and-gas summit as it pledges to increase energy output even as global prices have fallen

The Independent UK

UAE Energy Minister: Oil Market Is Balanced

There is no need for the OPEC+ group of oil-producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia's announcement last week that it would unilaterally cut output. "I do not see a requirement for a meeting. The market is balanced," Suhail…

Asharq Al-Awsat

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UAE Launches 11 Green Energy Projects Worth $43 Bn

The UAE Minister of Energy, Suhail al-Mazrouei, said on Monday that several factors will drive oil prices in 2023, mainly the end of China's zero-COVID policy, the US decision to refill the Strategic Oil Reserve, the sanctions imposed on Russian seaborne oil products, and ongoing global inflation. Mazrouei also said…

Asharq Al-Awsat

UAE, Britain Sign MoU to Advance Energy Sector, Climate Action

The United Arab Emirates (UAE) and Britain on Friday signed a memorandum of understanding to enhance strategic and technical cooperation in the energy sector. The MoU was signed during a visit by Britain's Business and Energy Secretary, Grant Shapps, to Abu Dhabi. Britain's Department for Business, Energy & Industrial Strategy…

Asharq Al-Awsat

Saudi, UAE back OPEC cuts as US envoy warns of 'uncertainty'

Saudi Arabia and the United Arab Emirates are defending a decision by OPEC and its allies to cut oil production

The Independent UK

UAE’s Production Near Maximum Capacity Based on OPEC+ Baseline

The United Arab Emirates' oil production is near to maximum capacity based on its current OPEC+ production baseline, which is 3.168 million barrels per day, Energy Minister Suhail al-Mazrouei told state news agency WAM on Monday. “In light of recent media reports, I would like to clarify that the UAE…

Asharq Al-Awsat

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Saudi, UAE Ministers Warn against Capacity Decreasing in All Energy Sectors

The energy ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing in all energy sectors as producers slash investment, causing everything from crude to diesel and natural gas to trade at or near record highs. “I have a lot of experience, but I've never…

Asharq Al-Awsat

Ukraine war gives oil producers greater clout at global climate talks

Many western nations are seeking to boost supplies of energy in light of Putin’s war – whether clean or not

The Independent UK

War gives oil producers greater clout at global climate talks

Oil producers have always been an easy target at the United Nations’ annual climate summits. This year, with Russia’s war in Ukraine boosting demand for fossil fuels, they’re preparing to fight back.

Tribune News Service

Saudi Arabia, UAE Say OPEC+ Mission Is to Stabilize Market

Saudi Arabia and the UAE reiterated that OPEC+ has only a mission to "stabilize the market," adding that the alliance keeps politics out of its decision-making in favor of the "common good" of energy prices. Saudi Energy Minister Prince Abdulaziz bin Salman stressed that the focus is on balancing crude…

Asharq Al-Awsat

UAE energy chief doubles down on OPEC alliance with Russia

The United Arab Emirates’ energy minister has doubled down on an oil alliance with Russia that’s helped buoy crude prices to their highest in years as Moscow's war on Ukraine rattles markets and sends energy and commodity prices soaring

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