DUBAI: OPEC+ doesn’t mix politics and economics, Saudi and UAE energy ministers told the World Government Summit in Dubai.
In a panel discussion both ministers dismissed the idea that the alliance will operate without Russia.
UAE's Suhail Al-Mazrouei stated that they are not taking sides nor saying this is right or wrong within the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.
In his view, OPEC+ cannot be forced to expel some of its partners, as this will lead to a rise in oil prices, Al-Mazrouei said.
Commenting on the Russia-Ukraine conflict, Ƶ’s Prince Abdulaziz bin Salman said that OPEC puts political differences aside when its ministers meet and OPEC+ is doing the same. They discuss these matters in a silo-based approach where they are focused on common good, regardless of politics, he added.
He added that when it comes to OPEC+, everyone leaves discussions of politics “outside the door of that building.”
Without that, OPEC+ wouldn’t have been able to deal with many different countries at different times, he said.
“Russia is a country that produces roughly 10 million barrels a day, which is 10 percent of what the world is consuming, and also produces a good amount of gas...so it is a sizable contribution,” he added.
According to the Prince, if it hadn’t been for OPEC+, there would not be a sustainable energy market amid today’s volatility. They would have been faced with worse possibilities, he said.
The Prince also warned that Ƶ cannot be responsible alone for supply security if its oil facilities are under constant attacks, adding that these attacks are backed and financed by an “OPEC member.”
UAE, Ƶ and other countries including Norway are working on hitting net zero carbon goals, the Prince said.
“The Vikings are coming and the Bedouins too,” he said, to assure that Norway, Ƶ and the UAE are committed to their targets.
In response to a question regarding the US, he said the White House must not tell the OPEC+ what to do.
Al-Mazrouei said they are experts in their fields and have been doing it for a long time and been successful. “So we need their understanding that what we are doing is to the benefit of the consumers, in the US and worldwide,” he said.
