[Dubai / London, 16th Reuters]-The United Arab Emirates (UAE) energy minister is aware of the impact on the oil market by the attacks on Saudi oil facilities during the weekend, OPEC At this point, it was recognized that it was too early for OPEC member countries to take any measures to increase production.
On September 14, two oil facilities of Saudi Aramco, a Saudi state-run oil company, were attacked, and the company said that Saudi oil production would be reduced by 5.7 million barrels per day. This is equivalent to more than 5% of the world oil supply.
The price of crude oil rose to about $ 72 after trading on the 16th of the week. The daily rate of increase recorded the height since the 1991 Gulf War.
UAE's Minister of Energy, Mr. Maslui, said it was too early to convene an OPEC emergency meeting, although it would be possible to increase production to cope with supply shortages.
While saying "We have surplus production capacity," UAE will continue to comply with the "OPEC Plus" coordinated production reduction policy created by OPEC member countries and non-member countries such as Russia. However, he also said that if Saudis requested an emergency meeting, they would respond.
According to OPEC sources, Barkind OPEC Executive Director and International Energy Agency (IEA) Executive Director Birol met on the 16th to continue to monitor oil market trends and to maintain regular communication in the coming days. .
Two other OPEC sources also decided that it would be “too early” for OPEC to discuss future measures in light of the global availability of crude oil.