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UAE Energy Minister Asserts Commitment to OPEC+ Agreement

The UAE said it supports the OPEC+ efforts. (Reuters)
The UAE said it supports the OPEC+ efforts. (Reuters)
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UAE Energy Minister Asserts Commitment to OPEC+ Agreement

The UAE said it supports the OPEC+ efforts. (Reuters)
The UAE said it supports the OPEC+ efforts. (Reuters)

The United Arab Emirates is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism, its energy minister said on Wednesday.

“The UAE believes in the value OPEC+ brings to the oil market,” UAE Energy Minister Suhail al-Mazrouei said in remarks to WAM New Agency.

OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and their allies, has a deal to gradually raise output each month by 400,000 barrels per day.

The group has refused to act more quickly even as prices have rocketed higher because of Russia's invasion of Ukraine.

OPEC has earlier hailed UAE’s “tremendous efforts” over the past period to maintain consensus among the members of the organization towards all issues regarding the global oil market and the support it provides to maintain its balance and stability in a manner that takes into account the interests of producers and consumers alike, WAM reported.

A UAE source familiar with the matter told Reuters on Thursday that the Gulf state would not act on its own to raise production and remained committed to OPEC+ policy.

The UAE source, speaking on condition of anonymity, said the Gulf state was committed to the OPEC+ alliance and only its energy ministry was responsible for oil policy.

Earlier, the UAE's ambassador to Washington, Yousuf al-Otaiba, said in a statement tweeted by the embassy that his country favors an oil production increase and will be encouraging OPEC to consider higher output.

“The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy,” the tweet read.

The ambassador’s comment had suggested a shift in position, driving down Brent crude sharply and ended Wednesday 13% lower at $111.14 a barrel, the biggest one-day fall since the early days of the COVID-19 pandemic in 2020.

But subsequent comments from the UAE source downplayed any shift in position, helping push prices back above $116 on Thursday.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.