| 19 April 2024, Friday |

UAE says additional oil output and export cuts should be enough to balance market

On Wednesday, United Arab Emirates’ Energy Minister, Suhail Al Mazrouei, informed reporters that the recent oil output and export reductions implemented by Saudi Arabia and Russia would be sufficient to bring stability to the oil market. These cuts are expected to contribute towards balancing the supply and demand dynamics within the market.
OPEC+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia which pumps around 40 percent of the world’s crude, has been cutting oil output since November in the face of flagging prices.

Yet the move only briefly lifted the market. On Wednesday, benchmark Brent futures traded more than 1 percent down at $75.30 per barrel, lower than the $80-$100 per barrel than most OPEC nations need to balance their budgets.
“This (the latest addition output cuts) is enough to assess the market and look at the market balance,” Mazrouei told reporters, adding that the UAE would not be contributing to fresh cuts.

  • alarabiya