The decision to cut oil production does not threaten the oil market. The interest of the market will stop and move forward. The UAE energy minister said that the world is facing other crises.
The United States has accused the decision of OPEC and non-OPEC countries to cut production from November, which will have a huge impact on the oil market. In this situation, the explanation of the oil producing countries, including the UAE, is that there is no point in unnecessary worries.
UAE Minister of Energy and Infrastructure Suhail Al Mazrui said that they are moving forward by monitoring the interest of the market. He also pointed out that the world is facing other crises beyond just oil. Balancing the oil market is the goal of all producing countries, including the UAE. At the same time, the minister added that countries including the UAE are following the approach of investing more in non-traditional energy sectors. It is reported that production countries have started to soften the US stance against OPEC and non-OPEC countries.