The United Arab Emirates’ energy minister doubled down Monday on an oil alliance with Russia that’s helped buoy crude prices to their highest in years as Moscow’s war on Ukraine rattles markets and sends energy prices soaring.
The minister said Russia, with its 10 million barrels of oil a day, is an important member of the global Opec+ energy alliance.
“And leaving the politics aside, that volume is needed today,” Suhail al-Mazrouei said. “Unless someone is willing to come and bring 10 million barrels, we don’t see anyone who can substitute Russia.”
