The UAE is committed to OPEC+, consumers, and the market, despite some media reports suggesting otherwise, Energy Minister Suhail Al Mazrouei told a panel in Russia's St. Petersburg on Thursday.
"(They) have been sacrificing these additional voluntary cuts to stabilise the market. UAE has been committed to this group, committed to the consumers and the market," he said referring to the group of countries including Saudi Arabia, Russia, Algeria, Kazakhstan, Kuwait, Oman and Iraq.
OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.
Brent crude oil prices have been trading below $80 per barrel in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China have weighed on prices alongside rising oil stocks in developed economies.
OPEC+ has made a series of deep output cuts since late 2022.
Meraas, part of Dubai Holding Real Estate, has awarded an AED 850 million construction contract to Dutco Construction Co LLC for the Bvlgari Lighthouse on Jumeira Bay Island.
Air Arabia Abu Dhabi has partnered with Morafiq, a leader in innovative airport services, to launch a new Home Check-In service for its passengers in the UAE capital.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has said the UAE has made significant progress in increasing the contribution of clean energy production to the total energy mix, reaching 27.83 per cent in 2023, within the target of 32 per cent by 2030.
The UAE participated in the ninth BRICS Ministers of Culture Meeting, which was held in St. Petersburg and led by Sheikh Salem bin Khalid Al Qassimi, Minister of Culture.