ABU DHABI - Energy Minister Suhail Al-Mazrouei said On Monday that The United Arab Emirates (UAE) has the capacity to increase oil production if there is a disruption in global supplies.
Mazrouei said there are quantities of oil that can be exploited, adding that it is too early to call for an emergency meeting of OPEC.
“OPEC is assessing the impact on the oil market from attacks on Saudi Arabian facilities and says it is too early for members to take any action on raising output or holding a meeting, the UAE energy minister and other sources said,” he said.
Oil prices surged over supply concerns and the threat of a military response to the drone assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies.
Yemen's Iranian-backed Huthi rebels claimed responsibility for multiple drone strikes but a US official said Tuesday that the administration of President Donald Trump concluded the attacks involved cruise missiles from Iran.