OPEC member, the United Arab Emirates, will support "global energy security", its president said as oil prices remain volatile due to supply concerns stemming from the war in Ukraine.

Sheikh Mohamed bin Zayed Al Nahyan made the pledge in an address to the nation, the first since he became president of the energy-rich country in May, following the death of his half-brother.

"We will also continue to consolidate our nation's position as a reliable energy provider, and support global energy security as a fundamental driver of global economic growth and development," he stated.

Oil prices have dipped below $100 per barrel in recent days, but remain elevated compared to historical norms. 

President Joe Biden is expected to try to persuade Saudi Arabia – the world's biggest oil exporter – to increase supplies to sustainably shepherd down prices that have in recent months fueled inflation around the world.

In addition, the International Energy Agency (IEA) warned that the global economic recovery could be derailed unless governments take measures to reduce fuel prices and consumption.

The IEA also predicted that oil demand would continue to rise, likely outstripping supply. It noted that the world has little spare capacity to increase production, with the combined buffer of Saudi Arabia and the United Arab Emirates set to fall to just 2.2 million barrels per day in August.