The UAE is backing Saudi Arabia’s cal for an emergency OPEC+ meeting to stabilise the global oil market.Â
Saudi made the decision last week after a phone call between US President Donald Trump and the Saudi Crown Prince, Mohammed bin Salman.
“’A joint and combined effort by all oil producing countries is required, not only the group of OPEC+ countries, in order to address the weakness of demand in the global oil market,” said UAE energy minister Suhail Al Mazrouei.
The organisation decided to postpone the meeting to 9 April as key members Saudi Arabia and Russia continued to argue over who is to blame for the crash in oil prices.
The last meeting in early March ended bitterly as Russia refused further cuts, and Saudi Arabia cut its own prices in a bid to grab more market share. This was set against the backdrop of the coronavirus pandemic, which has cut demand for oil.
