Suhail Al Mazrouei, the energy minister of the United Arab Emirates, stated on Wednesday that OPEC+, although not producing the bulk of the world’s oil, is doing a commendable job of stabilising the oil market.
“OPEC+ has made more sacrifices than others, but what matters most is that it is continuing to exist,” Mazrouei stated during a business gathering in the Fujairah emirate. I want you to picture this group not being in the world. Speaking just hours before a scheduled virtual meeting of an OPEC+ committee, Mazrouei warned, “We would be in chaos.”
His remarks are consistent with those made by Alexander Novak, the Russian Deputy Prime Minister, who stated on Monday that OPEC+ was purposefully cutting back on oil output and giving up market share to ensure sufficient long-term funding for producing nations.
Mazrouei stated that there were numerous moving components, including geopolitics, and declined to comment on the prospects for oil in 2025.
Following Iran’s most significant military defeat of Israel to date, worries that Middle East hostilities may worsen and perhaps impair petroleum supplies from the region caused oil prices to spike by more than a dollar on Wednesday. The price of a barrel of Brent crude was $74.56 at 0330 GMT.
The minister stated, “I stopped personally commenting on the short term, so I would refer you to the OPEC outlook.”
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