UAE backs OPEC-wide oil freeze

The UAE would support a blanket freeze on oil production, the country’s energy minister said on Monday. “If all members of OPEC are in agreement around a decision, I think there is a high likelihood of getting support of the others, especially Russia,” said Suhail bin Mohammed Al Mazrouei. “We think a freeze will help if it is agreed [and] we hope that all are going to agree.” Delegates of the Organization of the Petroleum-exporting Countries (OPEC) will hold informal talks in Algeria on Thursday as the 15th International Energy Forum winds down. While expressing optimism that the market was “in recovery mode”, Al Mazrouei added that OPEC nations that failed to stem the flow of crude would hinder its progress. He said: “The oil market is on the recovery mode and will balance, but it is slower as additional production comes from some members.”

More from Business News