The United Arab Emirates (UAE) is ready to support Saudi Arabia by bringing additional capacity on stream, if needed, to plug in the supply shortfall, the UAE’s energy minister Suhail Al Mazrouei said on Monday, according to The National.
Key quotes
We as the UAE, as a member of Opec, stood fast and ready to support KSA in any shape or form. The technical side, from the supply, if there is a shortage. We have certain capacity that we can put in the market.
We have spare capacity, there are volumes that we can deal with as an instant reaction but we need to analyze the full impact, and the assessment of the incident is underway in Saudi Arabia.
Oil prices jumped close to 20% in the early Asian trading hours on Monday after Saturday’s attack on Saudi Aramco’s production facility triggered fears of a prolonged production outage. After all, Saudi produces around 10% of the world supply.
Share
