The United Arab Emirates will work with OPEC+ to ensure the stability of the energy market, said UAE Energy Minister Suhail al-Mazroui, Reuters reported.

He added that the UAE is trying to do everything possible and increase its capacity to five million barrels, but this does not mean that they plan to leave OPEC + or do something unilaterally.

Russia, with its 10 million barrels of oil per day, is an important member of the OPEC+ global energy alliance, he said. 

Al-Mazroui also used his speech at the Atlantic Council's Global Energy Forum in Dubai to push for more investment in oil and gas, even as his country moves to reduce emissions within the UAE's borders.

Clearly criticizing NATO policy, the minister said that the Ukrainian crisis requires diplomacy to resolve the situation, and not "the supply of weapons, because the main victims will be people."

Sultan Ahmed Al Jaber, chief executive of the Abu Dhabi National Oil Company (ADNOC), said earlier that energy markets will see tightening in the near future, with oil demand rising by almost 3 million barrels compared to last year.

Price volatility is the result of an underlying structural problem, but demand is expected to reach pre-pandemic levels by the fourth quarter of this year, he said.