oil-prices
WASHINGTON — The United Arab Emirates said Wednesday it will urge OPEC to consider boosting oil output.
The announcement followed a U.S. ban on imports of Russian oil, the latest in a series of sanctions designed to punish Russia for the war in Ukraine. Oil prices have risen sharply since Russia — the world’s third-largest oil producer — invaded Ukraine late last month.
“We favor production increases and will be encouraging OPEC to consider higher production levels,” UAE’s ambassador to the United States, Yousef Al Otaiba, said in a statement posted on his embassy’s website. He said his country believes that stability in energy markets is critical to the global economy.
The UAE is a longtime member of the Organization of the Petroleum Exporting Countries, which last week, along with its oil-producing allies including Russia, said it was sticking to its plan to gradually increase oil production rather that opening the spigots further.
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