MOSCOW (Sputnik) – The United Arab Emirates is OPEC's fourth largest oil producer after Saudi Arabia, Iraq and Iran. In February, Mazrouei said that the United Arab Emirates was open to cooperating with other oil-producing countries to stabilize the global market.
"We received an invitation to participate in the Doha meeting between OPEC and Non-OPEC and we confirmed our participation," Mazrouei said on Twitter.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid an ongoing oversupply in the global oil market.
In February, the energy ministers of Saudi Arabia, Qatar, Venezuela, and Russia discussed the current oil market situation in Doha and agreed to freeze oil production at January levels if other countries followed suit, in a bid to keep the oil prices from falling any lower. The deal is expected to be finalized on April 17.
