The Ministry of Energy and Infrastructure has affirmed that the UAE remains fully committed to the Declaration of Cooperation (OPEC+) and reiterates that any decisions will be taken collectively by the OPEC+ group in its next Ministerial meeting, state news agency WAM reported on Thursday.
The oil cartel and its allies will meet on December 2 for talks on oil demand and supply dynamics.
Oil prices have recently hit their highest levels since 2014, and crude-importing countries are feeling the pain. During the last meeting, OPEC and its allies agreed to continue with their current production and output plan, snubbing a US request for a large output increase that would eventually cool the market. Instead they agreed to raise supply by 400,000 barrels per day each month.
OPEC+ is not currently discussing pausing oil output increases despite the US and others releasing stocks, Reuters reported citing three OPEC+ sources.
However, the US and many other oil importing nations agreed to release stocks after failing to convince OPEC to pump more oil.
World oil demand is estimated to increase by 5.8 million barrels per day (mb/d) in 2021, according to oil cartel OPEC's monthly report.
According to OPEC estimates, world oil demand growth in 2022 remains unchanged at 4.2 mb/d. As a result, global demand next year is seen averaging 100.8 mb/d. Demand is anticipated to be supported by healthy economic momentum in the main consuming countries and better management of the COVID-19 pandemic.
(Reporting by Seban Scaria; editing by Daniel Luiz)
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