The oil price endured one of its most volatile days yesterday as the United Arab Emirates (UAE) announced its support for stepping up production.
Brent crude, an international benchmark, fell more than 17% at one point after the statement by the country's embassy in Washington.
UAE is an influential member of the powerful oil cartel Opec.
Ambassador Yousuf Al Otaiba said: "We favour production increases and will be encouraging OPEC to consider higher production levels.
"The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy.”
President Joe Biden and other leaders have pledged to try to ease the price pressures for households. Officials from the US have been in talks with oil producers aimed at boosting supply.
Use it or lose it
Meanwhile, former Wood Group chief executive Bob Keiller has called for big oil companies to spend the additional windfall they are receiving from higher prices on the energy transition, energy efficiency and developing resources.
Russian's invasion of Ukraine has sent oil and gas prices, which were already climbing steadily, to near-record highs and prompted calls for a windfall tax in the North Sea.
Mr Keiller, who is now chairman of Aberdeen & Grampian Chamber of Commerce, said he has “no problem in normal times” with shareholders getting a reasonable dividend.
But, he said, “in abnormal times like today” oil and gas companies should inject “all of their windfall profits” into energy transition, developing existing energy sources and improving energy efficiency.
He signed off: “Use it (properly) or lose it.”
Read his views here