Germany urges OPEC to increase production and warns not to profit from sanctions

German Economy Minister Robert Habeck has joined Western calls for OPEC to increase oil production, saying the Gulf countries should not benefit from global sanctions against Russia for its invasion of Ukraine.

OPEC heavyweights, Saudi Arabia and the United Arab Emirates, have resisted Western calls, including those from the United States, to use their spare oil production capacity in order to control prices, which have soared as the invasion sparked fears. to supply interruptions.

“I am not asking that they join the sanctions (…) but I do ask that they not take advantage of the European and American sanctions”, declared on Monday Habeckwho is on a trip to the Gulf to discuss long-term energy supplies such as hydrogen and liquefied natural gas, to the press in Abu Dhabi.

Habeck reiterated Europe’s interest in the OPEC increase its production, something that was briefly mentioned in a meeting with the Emirati state oil company ADNOC.

“We have not talked about oil, except the OPEC. In this sense, the call to increase the volume of production so that the peoples of the world can pay for this oil while we need it”, said Habeck after a meeting with the company.

The German delegation is expected to hold talks with the energy minister of the UAE.

Habeck made it clear that he had seen no evidence that sanctioned Russian wealth reached the UAEthe region’s commercial hub that diplomats, business executives and financial sources say has become a safe haven for Russia’s wealthy.

The minister said he had spoken with Qatari officials about the flow of Russian wealth into the country. Qatari authorities did not immediately respond to a Reuters request for comment.

The Gulf states have tried to strike a balance between Western allies and Russia, with which they have energy and economic ties.

Russia is the largest supplier of gas to Germany and Habeck has launched several initiatives to reduce his country’s energy dependency on Moscow.

During his visit to Doha on Sunday, Germany said a long-term energy partnership had been finalized, while Qatar said the two countries would re-engage and advance talks on liquefied natural gas supplies.

Habeck said that Berlin was studying hydrogen to reduce its need for gas, as German companies signed several agreements on hydrogen research and development during the visit to the UAE.

“Now it’s about agreeing on the grand scale”, he told reporters.

Hydrogenious and Uniper, together with the Abu Dhabi National Oil Company (ADNOC) and Japan’s JERA, will undertake a joint hydrogen transportation demonstration project.

ADNOC it has also signed contracts with the German copper manufacturer Aurubis and the energy companies RWE, Steag and GEWEC to ship so-called blue ammonia, a low-carbon method of producing the compound, to Germany.