UAE minister says energy market needs Russian oil

TEHRAN, Mar. 28 (MNA) – The United Arab Emirates energy minister Suhail al-Mazrouei said on Monday that Russian oil is needed by energy markets and no producer can substitute its production.

United Arab Emirates Energy Minister Suhail al Mazrouei said on Monday that Russia, with its 10 million barrels of oil a day, is an important member of the global OPEC+ energy alliance.

“And leaving the politics aside, that volume is needed today,” al Mazrouei said, according to Reuters.

“Unless someone is willing to come and bring 10 million barrels, we don’t see that someone can substitute Russia.”

Led by Saudi Arabia and Russia, the alliance has the capacity to increase oil output and bring down crude prices that have soared past $100 a barrel.

The United States, European nations, Japan and others have been calling on Persian Gulf Arab oil producers to do more to help bring down prices. 

Britain's Prime Minister Boris Johnson paid an in-person visit this month to the UAE and Saudi Arabia, where he raised the issue.

KI/PR

News Code 185158

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