If there is market demand, the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, can raise oil supply, UAE Energy Minister Suhail al-Mazrouei said.

He stated that the UAE has the capacity to supply additional amounts of crude to the market if needed and if the OPEC+ group agrees, however added that “we don't want to add a lot of oil until it's really necessary.”

Mazroui said that “demand for energy supplies are increasing year after year. OPEC+ is aiming to balance the market and incentivise investment and ensure that the oil price increases do not hurt the global economy. Oil prices would be higher right now if OPEC+ did not exist.” 

UAE energy minister says oil market moving ever closer to becoming rebalanced | ZAWYA MENA Edition

“OPEC+ must exercise caution, as the oil market is expected to be in surplus of crude supply in the first quarter of 2022 if oil exporters continue to boost monthly output by 400,000 barrels per day.”

He added that OPEC+ can reassemble in a matter of days if necessary.

Mazroui stated that insufficient investments in the oil and natural gas industries could lead to an increase in energy prices. Adding that oil and gas are needed to ensure a reliable supply of energy during the transition phase required to implement non-carbon emitting projects.

He went on to say that the UAE is eager to engage in African solar and wind projects and sees hydrogen as a promising energy source.

In October, the Gulf state unveiled a plan to achieve net-zero emissions by 2050 by investing 600 billion dirhams ($163 billion) in renewable energy.