United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei on Monday advanced the possibility that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will increase oil supply in line with market demand.

The official assumed that the UAE has the capacity to supply additional volumes of oil to the market according to the needs, and if it is agreed upon by the OPEC+ group.

Reuters recalls that OPEC+ maintained a plan to increase oil production by 400,000 barrels per day (bpd) on a monthly basis, disregarding calls from the United States to go beyond that volume to keep oil prices in check.

The ruler said that UAE and its OPEC+ partners can continue with the policy until September next year to reach the production level seen in the pre-pandemic period.

From the Arab minister's perspective, the plan to add 400,000 bpd per month could lead to an oversupply in the first quarter of 2022, expecting the U.S. to continue drawing down its strategic oil reserves until 2025.

On the other hand, according to Mazrouei, insufficient investment in the oil and gas industry could lead to an increase in energy prices.