Russia is an important member of OPEC Plus: UAE Fuel Minister Al Mazroui

Dubai: – Suhail Mohammed Faraj Al Mazroui, Fuel Minister of United Arab Emirates (UAE), asserted that Russia producing 10 million barrels of crude oil per day, is a crucial member of the OPEC Plus and no other country can replace it. Al Mazroui also claimed a need for Russian fuels on the international level and politics should be set aside.

The United States, the United Kingdom and other counties have imposed stringent sanctions against the Russian fuel sector given the Russia-Ukraine war. Russia is a leading country in oil production. Intense repercussions of the sanctions against Russia are felt in the international market. The crude oil rates have reached $115 per barrel. Countries like the United States and the United Kingdom consistently tell the OPEC members to increase oil production to decrease oil rates. But the OPEC countries have ignored the appeals made by the United States and other countries and the statement of the UAE Fuel Minister endorses their stand.

Suhail Mohammed Faraj Al Mazroui, Fuel Minister of UAE, underlined the Russian position in frank words ‘Russia was always a member of the OPEC Plus group and that will not change. Whenever the international community comes to speak to OPEC Plus, it should be aware that it will have to talk with all the members, including Russia. While demanding stability in the fuel market, the place of Russia cannot be denied. Not only now, but in the next ten years, no country can provide a replacement for the 10 million barrels of oil produced by Russia.’

The UAE Fuel Minister also retorted, ‘While demanding an increase in oil production, the international community should set politics aside. It has to be accepted that there is no replacement for Russian fuels.’ Last week, even Saudi Arabia had adopted a stand that the Russian position in the oil market is vital. Saudi had warned that if stability is desired in the fuel market, it must be remembered that the contribution of the OPEC plus formed jointly by Saudi Arabia and Russia, is immense. A meeting of the OPEC Plus group is scheduled to be held the next week and the decision to increase oil production will be taken in the meeting. Mentioning the position of Russia and OPEC Plus, Saudi and UAE have given clear indications that the decision will be accepted only with Russian approval.

Since taking over as the US President, Joe Biden has adopted Pro-Iran and anti-Arab Gulf policies. The Biden administration is faced with the consequences of these policies. The oil-rich Gulf countries reject the US appeals and give importance to their relations with Russia. A few months ago, US analysts had warned that the Russian influence in the Gulf sector was on the rise, given the faulty policies of the Biden administration. The Biden administration is currently experiencing that.