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The last time OPEC+ members met, they disappointed all of the oil-consuming nations (so, most of us) by concluding after a 13-minute meeting that they wouldn’t help gas prices by increasing oil production.
Their whole thing is that they don’t want to get into geopolitical matters. The energy minister of the UAE has said that Russia, the second-largest crude oil producer in the group, is an important member of OPEC+ and that the relationship remains solid. So many are taking this as a sign that when the alliance meets again on Thursday, oil output will remain the same.
“We won’t add resources if the market is balanced, and the resources are in the market,” said United Arab Emirates Energy Minister Suhail Al-Mazrouei.
“Always, Russia is going to be part of that group and we need to respect them,” he told Hadley Gamble at the Atlantic Council’s sixth annual Global Energy Forum in Dubai. “OPEC+, when they speak to us, they need to speak to us including Russia,” he said.
“Who can replace Russia today? I cannot think of a country that can in a year, two, three, four or even 10 years replace 10 million barrels. It’s not realistic,” he said.