Germany Urges OPEC to Raise Production

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Germany Urges OPEC to Raise Production
23 Mar 2022
5 min read

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News Synopsis

Germany's economy minister, Robert Habeck, added his voice to western appeals for OPEC to increase oil production, saying Gulf states should not benefit from global sanctions against Russia for the invasion of Ukraine.

OPEC heavyweights Saudi Arabia and the United Arab Emirates have opposed Western calls, including the United States to use reserve oil production capacity to curb prices that have skyrocketed because the invasion has created threats of supply disruptions.

Harbeck reiterated Europe's interest in increasing OPEC's production, which was briefly mentioned at a meeting with Emirati state oil company ADNOC.

Habeck made clear that he had not seen any evidence of sanctioned Russian wealth coming into the UAE, the commercial hub of the region, company executives and financial sources have emerged as a safe haven for the rich in Russia.

During this visit to Doha, Germany said that a long term energy partnership had been clinched while Qatar said two countries would re-engage and progress discussions on LNG gas supplies.

The Gulf countries have sought to strike a balance between Russia and Western allies, with which they have an energy-economic relationship. Russia is the largest gas supplier to Germany and Habeck has launched several initiatives to reduce its energy dependence on Moscow.

TWN In-Focus