UAE shows intention to encourage OPEC to increase production - signs of easing the soaring oil prices

Recently CNN.co.jp reported the following:

ＵＡＥ、ＯＰＥＣに増産促す意向を表明　石油高騰に緩和の兆し

2022.03.10 Thu posted at 15:42 JST

ニューヨーク／アブダビ（ＣＮＮ Ｂｕｓｉｎｅｓｓ） アラブ首長国連邦（ＵＡＥ）のアルオタイバ駐米大使は９日、ＣＮＮに対し、ＵＡＥは石油増産を望んでいると述べ、石油輸出国機構（ＯＰＥＣ）に供給拡大を促す意向を示した。

石油市場では米国の禁輸対象となったロシア産石油を埋め合せできる国がほとんどなく、需給が極めてひっ迫している。ＵＡＥはこうした状況の解消に動く可能性を示唆した形だ。

アルオタイバ氏の発言を受け、９日の石油価格は急落。米国産石油は１２％下落して１バレル＝１０９ドル（約１万２６００円）を割った。国際指標のブレント原油は１３％安の１バレル＝１１１ドルとなり、１日の下げ幅としてはここ２年近くで最大を記録した。

もしＵＡＥがパートナー国の説得に成功すれば、ＯＰＥＣにとって路線転換となる。ＯＰＥＣは先週、協力関係にある産油国を交えた「ＯＰＥＣプラス」と呼ばれる会合で、一段の価格緩和を求める先進国の声に応じず、現行の緩やかな供給拡大計画を維持することで合意していた。

サウジ主導のＯＰＥＣにとって重要なのは、こうした協力関係にある産油国の中にロシアが含まれていることだ。

ＯＰＥＣプラスは２日の声明で、４月の増産ペースを日量４０万バレルずつとする方針を表明したが、これは１０００万バレルに上るロシアの１日の原油生産量のごく一部に過ぎない。石油価格が過去２週間で３０％上昇したにもかかわらず、ＯＰＥＣは市場の現状を「均衡が取れている」と評している。

みずほ証券のエネルギー先物担当幹部、ロバート・ヨーガー氏はＣＮＮに対し、「ＵＡＥが折れた。彼らは最後まで抵抗を続けていた国の一つだった」と指摘。ＵＡＥが増産支持を打ち出したことを受け、サウジも追随するだろうとの見方を示した。

Translation

New York / Abu Dhabi (CNN Business) UAE Ambassador to the United Arab Emirates (UAE) told CNN on the 9th that UAE wanted to increase oil production, and showed the intention to expand supply to the Organization of Petroleum Exporting Countries (OPEC).

In the oil market, few countries could make up for the US embargoed Russian oil, and supply and demand were extremely tight. The UAE was in a posture to suggest a possibe action to resolve this situation.

Oil prices plummeted on the 9th in response to Mr. Al Otaiba’s remarks. US oil fell 12% to break below $ 109 a barrel. Brent crude oil, an international indicator, fell 13% to $ 111 a barrel, the largest daily decline in nearly two years.

If the UAE succeeded in persuading its partner countries, it could be a shift for OPEC. OPEC agreed last week at a meeting called "OPEC Plus" that had cooperating oil-producing countries coming together, agreed to maintain the current gradual supply expansion plan, while not responding to the voices of developed countries calling for further price easing.

What was important for Saudi-led OPEC was that Russia was among these cooperating oil-producing countries.

OPEC Plus announced in a statement on the 2nd that it would increase production in April by 400,000 barrels a day, which was only a small part of Russia's daily crude oil production of 10 million barrels. OPEC described the market as "balanced" despite oil prices had risen by 30% in the last two weeks.

Mizuho Securities' energy futures executive Robert Yoger told CNN that "The UAE has made a turn. They were one of the countries that continued to resist to the end.” Saudi Arabia would follow suit as the UAE had announced support for increased production.

So, UAE wants to increase oil production, and shows its intention to expand supply to the Organization of Petroleum Exporting Countries. Hopefully oil price will go down globally.