OPEC+ Alone Cannot Solve World’s Oil-Supply Issues, UAE Says
- Industry needs investment to avoid price hikes, minister says
- Many of UAE’s OPEC+ partners have failed to restore production
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OPEC and its allies are increasing oil production but can’t solve all the sector’s issues alone, the United Arab Emirates’ energy minister said.
The industry needs investment, through the involvement of international oil companies, in order to provide adequate supplies, Suhail Al-Mazrouei said, according to the UAE’s state-run WAM news agency. Failure to provide sufficient capital may lead to future price hikes, he warned.