OPEC+ able to increase oil supply in case of market demand: UAE minister

The organization of Petroleum Exporting Countries and its allies, the group known as OPEC+, are able to increase oil supply if there is market demand, United Arab Emirates Energy Minister Suhail al-Mazrouei told Asharq TV channel.

The UAE has the capacity to supply additional volumes of crude to the market if needed and if agreed by the OPEC+ group, he said in an interview to the Dubai-based channel.

Al-Mazrouei also said on Monday insufficient investments in the oil and natural gas industry could lead to a hike in energy prices.

Oil and gas are needed to ensure reliable supply of energy during the transition period required to implement non-carbon emitting projects, he told the Africa Oil Week conference in Dubai.

The UAE, he added, is willing to invest in African solar and wind projects, and sees potential in developing hydrogen as an energy source.

The Gulf state announced in October a plan to reach net-zero emissions by 2050, providing for 600 billion dirhams ($163 billion) in investment in renewable energy.