UAE 'fully supports' Saudi's move to reduce daily oil output to ensure energy security

On Monday, The United Arab Emirates (UAE) stated that it fully supports Saudi Arabia in its efforts to ensure energy security and stability, citing a foreign ministry statement, the UAE state news agency (WAM) reported. Besides this, UAE also highlighted that it stands for the Saudi foreign ministry's statement regarding the current OPEC+ decision. It further condemns any attempts to politicise the issue, WAM reported.  

This support came after the OPEC+ (Organization of the Petroleum Exporting Countries) cartel decided to reduce daily oil output by two million barrels on October 5. Since the beginning of the COVID-19 pandemic, this is considered to be the biggest oil reduction. It is pertinent to mention that 13 nations make up the Organization of the Petroleum Exporting Countries. 

According to media reports, a meeting of OPEC+ members took place in Vienna on October 5. It was the first face-to-face gathering since the COVID-19 outbreak started. They claimed that the output cuts were necessary to stabilize the markets, but the majority of experts think that this action will result in higher pricing. 

Saudi Arabia's Minister of Energy, Prince Abdulaziz Bin Salman Al-Saud said, “Our priority now is stabilising the market. Now we could be accused of wanting to influence the market in a negative way as everybody’s productive view and others will see how we conduct ourselves in the months to come.'' 

US considering 'number of response options' available against Saudi Arabia

While the OPEC+ meeting will convene once again in December, the output restrictions are scheduled to start in November. The decision to reduce oil output was decided, according to the group's previous statement, "in light of the uncertainty that surrounds the global economy and oil market outlooks." 

Meanwhile, earlier this month, following the drastic reduction in the oil output limit by OPEC+, the United States has been considering the "number of response options" available against Saudi Arabia. US Secretary of State Antony Blinken during a press conference in Lima noted that the National Economic Council advisor and National Security Advisor of the US set out "some of the additional steps, tools, and authorities that we're looking at, again, to make sure that we have an adequate supply of energy on the market to meet demand," as per media reports.  

The US Secretary of State also indicated that the US has been "reviewing a number of response options" with respect to its diplomatic ties with Saudi Arabia. He said, "We're consulting closely with Congress." 

In addition to this, Saudi Foreign Minister Adel al-Jubeir said on October 7 that the Middle Eastern nation's move was not meant to hurt the US but to stabilize the world market. 

(Image: Twitter/ Ksamofaen/ OIC_OCI/AP)