UAE supports Saudi Arabia's call for OPEC+ meeting

ABU DHABI, April 5 (KUNA) -- The United Arab Emirates (UAE) said Sunday it supported Saudi Arabia's call for an urgent meeting of OPEC and non-OPEC countries, known as OPEC+, to discuss restoration of stability in the oil markets.
Minister of Energy and Industry Suhail Al-Mazroui said collaboration of oil producing countries around the world was a common responsibility which would contribute to addressing low demand around the world.
Al-Mazroui, in a statement, commended Saudi Arabia's "positive and pivotal" role towards achieving a balance in the oil markets.
"We cannot forget Saudi Arabia's role in the previous OPEC+ agreement and how it reduced large share of its quota," he said.
Al-Mazroui also commended the role of non-OPEC Russia.
Saudi Arabia called last Thursday for a meeting of OPEC+ to reach a "fair" agreement that would restore balance to the oil markets, following US President Donald Trump's call with Crown Prince Mohammad bin Salman.
OPEC+ is a group of 24 oil-producing nations, made up of the 14 members of the Organization of Petroleum Exporting Countries (OPEC), and 10 other non-OPEC members, including Russia.
OPEC+ agreement to cut production by 1.7 million bpd expired last Tuesday without any signs of plans to renew the agreement. (end) bsu.bs