recovered oil prices On Thursday, following the United Arab Emirates said it was committed to the OPEC + agreement to increase supplies per month by 400,000 barrels per day, hours following its ambassador in Washington said that his country preferred a greater increase.
Brent crude futures jumped by regarding $6 a barrel, and it was trading up 6% at $117.14 a barrel. US West Texas Intermediate crude contracts rose $4 to $112.70 a barrel.
Yesterday, global oil prices recorded their largest decline since the early days of the Corona virus pandemic nearly two years ago, and Brent crude futures fell by more than 17% during the session, before declining $ 16.84, or 13.2%, to reach at the settlement of $ 111.14 a barrel, which is its worst drop in One day since April 21, 2020. US futures also fell $15.44, or 12.5%, at $108.70 a barrel, also their worst day since November.
UAE Energy Minister Suhail Al Mazrouei said on Twitter late on Wednesday that his country was committed to the OPEC + agreement and its current monthly production adjustment mechanism.
“The UAE believes in the value that the OPEC + group provides to the oil markets,” the minister added.
His comments came hours following the UAE ambassador to Washington said that his country favors increasing oil production, and will encourage OPEC to consider increasing supply.
Abdul Hamid Al-Awadi, an oil expert, said that the call to increase production is an original role for the OPEC group, pointing to the ability of the Gulf countries, especially Saudi Arabia, to balance the markets if there is a shortage of supplies.
He explained that some of the declared positions of OPEC Plus indicate adherence to the plan to gradually increase production, which Russia supports.
He stated that these positions may change due to the Russian-Ukrainian war, and there must be an intervention by OPEC to secure oil supplies in the markets.
He pointed out that the reason why oil prices did not rise today at the same pace as their decline yesterday is some news related to the call to increase oil production in America and increase its strategic stock, in addition to some positive developments in the Ukrainian war in the upcoming meeting between the Russian and Ukrainian foreign ministers.
