UAE says current OPEC+ actions to support the oil price are sufficient at present - ForexLive
UAE says current OPEC+ actions to support the oil price are sufficient at present | Forexlive
The UAE Energy Minister Suhail al-Mazrouei spoke on Friday in Goa, India, where he is attending G20 energy ministerial meetings, His comments were reported over the weekend:
- Current actions by OPEC+ to support the oil market are sufficient for now
- "What we are doing is sufficient as we say today,"
- "But we are constantly meeting and if there is a requirement to do anything else then during those meetings, we will pick it up. We are always a phone call away from each other."
At its most recent meeting OPEC+ continued its agreement to limit supply into 2024 and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.
Coming up:
- the next OPEC+ policy meeting is scheduled for November
- OPEC's Joint Ministerial Monitoring Committee holds an online meeting on August 4 to review the market
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.