UAE Energy Minister says the group was on “a journey” to gradually increase oil production

Opec+ should stick to its current agreement to add 400,000 barrels per day a month to output, Arab oil and energy ministers said on Sunday as they gathered in Riyadh for the 2022 International Petroleum Technology Conference (IPTC).

Iraqi oil minister Ihsan Abdul Jabbar said that “for the benefit of all the energy market, Opec+ should stay with the continuing and sustained current agreement” to avoid surprises.

The Organisation of the Petroleum Exporting Countries and allies led by Russia, a group known as Opec+, agreed on February 2 to stick to moderate rises in its oil output.

The group was already struggling to meet existing targets and was wary of responding to calls on its strained capacity from top consumers for more crude to cap surging prices.

Abdul Jabbar’s comments came during a session that included the Saudi, UAE and Bahraini energy ministers, the Kuwaiti oil minister and Egypt’s petroleum minister after the inauguration of the IPTC.

Saudi energy minister Prince Abdulaziz bin Salman said Opec+ believes it has delivered for members and the entire industry.

He said focusing only on renewable power sources was a mistake, and that the world may not be able to produce all the energy needed for economic recovery from the coronavirus pandemic.

“The pandemic and the recovery underway have taught us the value of caution,” he added.

Suhail Al Mazrouei, UAE Energy Minister, said the group was on “a journey” to gradually increase oil production, while Kuwaiti oil minister Mohammed Al Fares said Opec+ is very sensitive to market reactions.