FUJAIRAH: OPEC+, while not producing the bulk of the world’s oil, is balancing the oil market, according to UAE Energy Minister Suhail Al-Mazrouei, who made this statement on Wednesday. At an industry gathering in the Fujairah emirate, Mazrouei stated, “OPEC+ has sacrificed more than others, but the critical element is that it is staying together.”
Please try to picture this world without this gang. Just hours before a virtual OPEC+ committee meeting, Mazrouei declared, “We would be in chaos.”His remarks are consistent with those made by Russian Deputy Prime Minister Alexander Novak on Monday, who stated that OPEC+ was deliberately cutting back on oil output and giving up market share so that producing nations could eventually secure sufficient investments and oil prices to suit producers and consumers.
Following Iran’s greatest 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 soar by more than a dollar on Wednesday. At 6:30 a.m. Saudi time, the price of a barrel of Brent crude was $74.56. The minister stated, “I would refer you to the OPEC outlook because I stopped personally commenting on the short term.
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