The United Arab Emirates (UAE) has the capacity to increase oil production should there be a disruption in global supplies, UAE Energy Minister Suhail Al-Mazrouei has said.
In a press statement yesterday, Al-Mazrouei said there are quantities of oil that can be exploited, adding that it is too early to call for an emergency meeting of OPEC.
“OPEC is assessing the impact on the oil market from attacks on Saudi Arabian facilities and says it is too early for members to take any action on raising output or holding a meeting, the UAE energy minister and other sources said,” according to Reuters.
On Saturday, two Saudi oil facilities, Abqaiq facility and the Khurais oil field, came under attack, halving Saudi oil production.
Oil prices jumped in the first trading day after the attack by 20 per cent, to reach almost $72 a barrel.