UAE remains committed to OPEC+ alliance, will not act on its own – Reuters

Dhwani Mehta FXStreet

The UAE Energy Ministry said on Thursday, it remains committed to the OPEC+ alliance, Reuters reports, citing a UAE source familiar with the matter.

“UAE will not act individually to raise oil output,” Reuters noted.

These statements come after the Financial Times (FT) citing a senior UAE official saying on Wednesday, the UAE will call on its fellow OPEC+ members to boost oil output faster, in the face of soaring oil prices amidst the Russia-Ukraine crisis.

Market reaction

WTI is consolidating the rebound near $110.00, up nearly 1% on the day. The market mood remains cautious ahead of the Russia-Ukraine peace talks due later this Thursday in Turkey.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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