Japan asks UAE to ramp up oil exports

Follow-ups -eshrag News:

Sun, 2022-03-20 17:16

RIYADH: Japan has asked the UAE to ramp up oil exports, as major importers pressure OPEC as crude costs surge, according to Bloomberg.

Major importers are relying on OPEC to bring down prices as they hit over $100 per barrel

“I would like the UAE to contribute to the stabilization of the global crude oil market, by further supplying crude oil and securing production capacity,” Bloomberg reported, citing Japanese foreign minister Yoshimasa Hayashi.

OPEC has repelled calls from the US and Europe to scale output, claiming that the rise in demand is attributed to geopolitical tensions, rather than a mismatch between demand and supply.

This comes as OPEC members such as the UAE and Saudi Arabia are committed to alliances with other producers, or OPEC+, including Russia.

OPEC+ is experiencing increases of as much as 400,000 barrels a day on a monthly basis, signaling a lingering surge in costs.

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Business & Economy

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