value british nationals were released from afghanistan, the uk, for example, said that we do not support any militariry resistance against the taliban. the only solution to the solution, the only solution to the afghan conflict is through negotiations, so probably some sort of concession will be made this time as well. several of the world s largest oil exporters have announced cuts in production amounting to more than a million barrels per day. the announcements by saudi arabia, iraq and several gulf states come amid fears of a global economic slowdown reducing demand for oil. i m joined now by our middle east business correspondent, sameer hashmi. hi, good to see you, this announcement seems to have come as a surprise to analyst, tell us what they have said? surprise to analyst, tell us what they have said? surprise to analyst, tell us what the have said? , ., , ., , they have said? yes, it has come as a hue they have said? yes, it has come as a huge surprise. they have said? ye
about an hour. the reopening of china, the world s biggest energy consumer, has raised the prospects of higher oil demand. but opec, the group that accounts for 40% of the world s oil supply, says it has no plans to increase the rate of production. in fact, russia announced last week it would be cutting production from next month. in an exclusive interview, the bbc s sameer hashmi spoke to the uae s energy minister, and began by asking him if his country was prepared to step up. we have all collaborated with almost all the agencies that are looking at the market. and we are then making the calculations. if there is a requirement, we will see it. this requirement, we will see it. as o ec requirement, we will see it. as 0pec plus, given we are seeing signs that demand is going up,
one of the key members has slashed supplies, isn t it now imminent that 0pec plus will have to step up supplies? i have to step up supplies? 1 don t see a requirement have to step up supplies? i don t see a requirement right now. right now we are seeing a balance. the last meeting that we held. every month, though, we held. every month, though, we are looking at the market. if there is a requirement, trust me, we will see it, and we will do our best. but we need to remember, this group, even with the 23 countries, they are only responsible, only producing less than 40% of the world supply, so also it s not fairjust world supply, so also it s not fair just to world supply, so also it s not fairjust to ask them for balancing 100% of the market. is it time to ask for a higher target and quota considering russia have slashed production and other countries are struggling to meet their existing targets?- struggling to meet their existing targets? struggling to meet their existin: tariets? .,
a more significant effect because europe is still importing quite a bit of russian gas and oil. before you io, russian gas and oil. before you no, what russian gas and oil. before you go. what is russian gas and oil. before you go. what is your russian gas and oil. before you go, what is your outlook - russian gas and oil. before you go, what is your outlook for - go, what is your outlook for oil prices this year? brent is trading just below 80, what are your thoughts? trading just below 80, what are yourthoughts? i trading just below 80, what are your thoughts? i think there is more downward pressure on price in terms of concern about china economics, covid and the potential of regional or global recessions. recessions. there is more downward recessions. there is more downward pressure - recessions. there is more downward pressure on - recessions. there is more l downward pressure on price recessions. there is more - downward pressure on price but what we know is that 0pec plus,
think that commercially russia is going to capitalise on the relatively large cap for the press. just very briefly, russia is saying this will endanger the energy security of the eu and the g7. have they got enough energy supply to replace what they are not going to take from russia? replace what they are not going to take from russia? right now, there is no shortage take from russia? right now, there is no shortage of take from russia? right now, there is no shortage of oil take from russia? right now, there is no shortage of oil supply - take from russia? right now, there is no shortage of oil supply in - take from russia? right now, there is no shortage of oil supply in the i is no shortage of oil supply in the world. even the profits are about 1.5 million barrels per day and such members of 0pec plus and 0pec in saudi media have potential enough to replace the lines russian oil 0pec in saudi arabia. health officials are urging parents to look out for the symptoms of scarlet