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

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.