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Energy market needs Russian oil, no substitute exists

EconomyEnergy market needs Russian oil, no substitute exists

Dubai (Times Of Ocean)- UAE energy minister says Monday energy markets need Russian oil and no producer can replace its production.

At an industry event, he said OPEC+ should stay together, stay focused and not let politics distract the group.

As Moscow’s incursion into Ukraine rattles markets and sends energy and commodity prices soaring, the United Arab Emirates has doubled down on an oil alliance with Russia that has helped bouy crude prices to their highest levels in years.

In his remarks, the energy minister Suhail al-Mazrouei considered Russia, with its 10 million barrels of oil a day, an important member of OPEC+.

Politics aside, that volume is needed today. Russian Oil

The alliance, led by Saudi Arabia and Russia, has the potential to increase oil production and bring down prices that have risen past $100 a barrel.

Oil prices also have soared because Saudi Arabia, OPEC’s largest oil producer, has been targeted by Iran-backed Yemeni rebels who have used drones and missiles to hit Saudi oil facilities. Saudi Arabia, however, pleged it will not bear any responsibility for any shortage in oil supplies due to the attacks.

As part of an effort to reduce prices, the United States, the European Union, Japan, and other nations have called for Arab oil producers (on the Persian Gulf shores) to do more.

British Prime Minister Boris Johnson visited the UAE and Saudi Arabia this month, where he raised the issue.

Since the Russian invasion of Ukraine, the UAE has hedging its policies and statements, with the nation’s foreign minister eventraveling to Moscow earlier this month to discuss ways to boost relations.

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