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International News

Sep 17, 2019
9:36AM

UAE ready to cooperate with Saudi Arabia in facing possible oil supply disruption: UAE Minister

AIR PIC
United Arab Emirates Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei has affirmed the UAE's readiness to cooperate with Saudi Arabia in facing any possible disruption to oil supplies.

He said, they have reached out to Saudi Arabia following the terrorist attack against two Saudi Aramco oil facilities to provide technical and logistical support and their cooperation is continuing.

The Emirates News agency reported that Al Mazrouei stressed his confidence in the ability of Saudi Arabia to overcome the consequences of this incident.

Saudi Arabia has a significant influence on the global energy sector because it produces about 10 per cent of the world's oil, he said, noting that the incident will affect the global oil market and could increase oil prices by over 10 per cent, as Aramco is the world's largest refinery and petrochemical complex.

Al Mazrouei further said that it is premature to call an emergency meeting of the Organization of Petroleum Exporting Countries, OPEC, without the request of Saudi Arabia, stressing the UAE's commitment to OPEC’s decisions and affirming that it will not take any related action without the organization’s approval.

He also praised the professional work of Aramco’s emergency response teams in handling the incident and their successful response to fires, which resulted in no casualties, reflecting the readiness of Saudi Arabia to deal with such emergencies.

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