World Bank President David Malpas said oil-producing Gulf states would play a key role in easing oil and gas prices in the coming months.
Speaking at the World Government Summit in Dubai, Malpas said: “We are witnessing massive restructuring in global oil markets because the flexibility of the Gulf Cooperation Council to provide for countries will play a key role in calming prices in the coming months.”
Today, Wednesday, the second day of the World Government Summit 2022 kicked off with 110 keynote speakers and interactive sessions attended by 190 countries.
“We already see GCC countries ready to invest quickly in this area and help reduce prices at the sector level as a whole,” he added.
The President of the World Bank stressed that “necessary and urgent measures must be taken in the global clean energy sector.” He added, “The Gulf Cooperation Council has shown great interest in the international community’s desire to switch from oil.”
He added, “Economic diversification can contribute to reducing carbon emissions, and Gulf countries are eager to invest in the hydrogen sector, and we are already seeing a major shift in the structure of the oil and gas markets.”
The OPEC + Committee is scheduled to hold a meeting tomorrow to discuss oil production plans for May.
Despite rising prices due to the Ukraine crisis and consumer calls for more supplies, the group is likely to stick with its plans for a moderate increase in oil production.
Having raised its target to 400,000 bpd every month since August 2021, OPEC + agreed to raise it to 432,000 bpd in May last year.
A Russian oil source said Russia did not expect OPEC + to boost the planned production increase in May and “expects support from its OPEC + allies.”
Although OPEC + increases production targets each month, production has not reached those levels because some members are struggling due to capacity restrictions.
According to the International Energy Agency, production in OPEC + member states in February was 1.1 million barrels per day lower than the target.
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Faraj Faris Al Masroui told a government summit on Tuesday that his country was part of the “OPEC +” and was wise to abide by the organisation’s decisions. Ensures market equilibrium, noting that it can not put pressure on the curriculum, some partners are outside OPEC +, countries can choose where to buy resources and we can not make decisions for the world.
Suhail al-Masroui stressed that the security of the energy supply is a priority, and that all OPEC + partners strive to maintain market order and provide resources.
The UAE Energy Minister pointed out that “OPEC +” will hold its meeting at the end of this March, which expects results to reach a balance between supply and demand.
Al-Mazrouei added that “OPEC +” is a non-political organization that looks at supply and demand: “Oil-producing countries can not be run politically within the system, which can affect market stability.”
He continued: Our goal is to calm the market and provide quantities, and if anyone is told to leave, we will raise prices, which is contrary to what consumers want.
As the UAE becomes self-sufficient in gas by 2030, al-Masroui said his country has a strategy to maintain the price of electricity generated by gas and maintain supply security, according to the Emirates News Agency, WAM. For projects developed in this regard.
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