UAE Ready to Cooperate With Oil Producers to Achieve Market Stability

The UAE is ready to cooperate with other oil-producing countries to reach stability on the global oil market, the country's energy minister said.

MOSCOW (Sputnik) — The United Arab Emirates is open to cooperation with other oil-producing countries to stabilize the global market, Energy Minister Suhail Mazrouei said Wednesday.

"UAE Oil policy is open to cooperate with all producers toward mutual interest of the market stability and we are optimistic on the future," the minister wrote on his Twitter account.

On Tuesday, the energy ministers of several Organization of the Petroleum Exporting Countries (OPEC) countries, namely Saudi Arabia, Qatar, and Venezuela, held talks with Russia on the current oil market situation in the Qatari capital of Doha and agreed to freeze average monthly oil production at January levels if other countries followed suit.

Later, the Venezuelan oil minister said Ecuador, Algeria, Nigeria and Oman, a non-OPEC member, had supported the move. According to media reports, Kuwait is ready to join the agreement.

The oil ministers of Iran, Iraq and Venezuela are expected to meet in Tehran later on Wednesday to discuss the proposal reached in Qatar to freeze oil output, a source at the Iranian Oil Ministry's press service told Sputnik on Tuesday.

According to the International Energy Agency's most recent data, the United Arab Emirates is OPEC's fourth largest oil producer following Saudi Arabia, Iraq and Iran.