ADNOC’s chief executive sees energy markets tightening in near term

ADNOC’s chief executive sees energy markets tightening in near term

The United Arab Emirates will work with OPEC+ to make sure the energy market is stable, UAE energy minister Suhail al-Mazrouei said on Monday at an industry event.

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The UAE is trying to do its best and raise its capacity to five million barrels but that does not mean it plans to leave OPEC+ or do something unilaterally, he added.

Earlier on Monday, Sultan Ahmed Al Jaber, chief executive of Abu Dhabi National Oil Company (ADNOC), said that energy markets are seen tightening in the near-term, with oil demand up almost 3 million barrels over the last year.

The volatility in prices is the result of an underlying structural issue but demand is expected to reach pre-pandemic levels by the fourth quarter of this year, he told the event.

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