- Nobel scientist uncovered tiny genetic switches with big potential
- Grammy-winning Cissy Houston, mother of Whitney, dies at 91
- UN biodiversity summit in Colombia aims to turn words into action
- Georgia Supreme Court reinstates six-week abortion ban
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- On attacks anniversary, Israel fights multi-front war
- Mexican mayor murdered days after taking office
- Intensifying to Category 5, Hurricane Milton targets Florida
- Mission to probe smashed asteroid launches despite hurricane
- Biden, Harris mark Oct. 7 with call for Mideast peace
- Dupont set for Toulouse return after post-Olympic holiday
- French rugby bosses tighten discipline after nightmare Argentina tour
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Visitors to get rare view of Rome's Trevi Fountain
- Europe's asteroid mission Hera launches despite hurricane
- Man City and Premier League both claim victory in legal case
- Deschamps delight as 'light back on' for Pogba after doping ban
- Biden, Harris urge Mideast peace on Oct. 7 anniversary
- Neeskens, tough midfielder in Cruyff's Ajax and Dutch teams
- UN warns world's water cycle becoming ever more erratic
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- Ex-Dutch football star Johan Neeskens dies
- Man Utd battling to improve fortunes, says Evans
- What is microRNA? Nobel-winning discovery explained
- Masood, Abdullah centuries lift Pakistan to 328-4 in first England Test
- Hurricane Milton strengthens fast, threatens Mexico, Florida
- Tunisia's President Saied set for landslide election win
- Barca hoping to return to Camp Nou 'by end of year'
- Trump to open second golf course at Scotland resort in summer 2025
- Super-sub Jhon Duran rewarded with new Aston Villa deal
- US duo win Nobel for gene regulation breakthrough
- Masood hits first ton for four years to power Pakistan to 233-1
- Fritz wins delayed match to reach Shanghai Masters third round
- Naomi Osaka pulls out of Japan Open with back injury
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Artist Marina Abramovic hopes first China show offers tech respite
- Asian markets track Wall St rally on US jobs data
- Pakistan 122-1 at lunch in first England Test
- Kazakhs approve plan for first nuclear power plant
- World marks anniversary of Oct. 7 attack on Israel
- 'Second family': tennis stars hunt winning formula with new coaches
- Philippines, South Korea agree to deepen maritime cooperation
- Mexico mayor murdered days after taking office
- Sardinia's sheep farmers battle bluetongue as climate warms
- Japan govt admits doctoring 'untidy' cabinet photo
- Israel marks first anniversary of Hamas's October 7 attack
- Darvish tames Ohtani as Padres thrash Dodgers
- Asian markets track Wall St rally on jobs data
- Family affair as LeBron, Bronny James make Lakers bow
RBGPF | -1.97% | 58.94 | $ | |
CMSC | -0.53% | 24.57 | $ | |
SCS | -0.15% | 12.95 | $ | |
GSK | -0.49% | 38.63 | $ | |
NGG | -1.56% | 65.48 | $ | |
RELX | -0.54% | 46.04 | $ | |
RYCEF | -1.45% | 6.88 | $ | |
VOD | 0.31% | 9.69 | $ | |
RIO | -0.11% | 69.62 | $ | |
BTI | -0.26% | 35.2 | $ | |
AZN | -0.78% | 76.87 | $ | |
BCC | 1.68% | 141.27 | $ | |
JRI | -0.76% | 13.18 | $ | |
CMSD | -0.09% | 24.79 | $ | |
BCE | -0.54% | 33.53 | $ | |
BP | 0.78% | 33.14 | $ |
UAE reaffirms OPEC+ commitment, says West must be 'reasonable'
The United Arab Emirates on Monday urged Western countries to be "reasonable" in their expectations, underlining its commitment to the global OPEC+ energy alliance.
The grouping of the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, is an "alliance to stay".
"We always believe that whatever we do as countries, when it comes to production and this work, it needs always to stay out of politics," said UAE's Energy Minister Suhail al-Mazrouei during an energy forum in Dubai.
A surge in prices and supply fears since Russia's invasion of Ukraine last month have led to calls for OPEC to increase output.
But the OPEC+ group plans to boost production by just 400,000 barrels a day in April, the same pace as in past months.
"Russia is an important member and, leaving the politics aside, that volume... is needed today, and unless someone is willing to come and bring 10 million barrels, we don't see that... someone can substitute Russia," said Mazrouei.
Despite increased calls to ramp up production to calm the volatile oil market, Mazrouei said it was "difficult", with countries "facing a natural decline reduction" in large part due to shrinking long-term investments in the oil sector.
At the COP26 conference on climate change held last year in Scotland, "all of the producers felt that they are uninvited and unwanted and felt like they are in corner, but now we are on stage and they want us to produce more so we are again superheroes," he said.
"It's not going to work like that."
Mazrouei called for long-term investments in the sector and a more "reasonable" approach to a clean energy transition.
"If Europe needs gas and needs gas quickly... they need to sit with the producers and they need to identify the requirements, and they need to be reasonable and realistic," he said.
Mazrouei also called for a "diplomatic" solution to the Ukraine war, warning that it was also impacting other commodities, including food.
H.E.Young--AMWN