OPEC+ additional voluntary cuts aimed to balance oil market: UAE energy minister

OPEC+ additional voluntary cuts aimed to balance oil market: UAE energy minister

The United Arab Emirates’ energy minister Suhail al-Mazrouei said on Monday that additional voluntary cuts by the OPEC+ producer group were implemented to balance the oil market.Mazrouei, who briefed reporters on the sidelines of the World Utilities Congress, said he was concerned about future supply shortages due to low investment.

For the latest headlines, follow our Google News channel online or via the app.“I’m not that worried about the very short term, I think we can manage balancing the supply with demand. I’m more worried about the level of investment required for years to come,” he said.

In a surprise move in early April, Saudi Arabia, and otherOPEC+ members announced further oil output cuts of around 1.2million barrels per day.The announcement helped push oil prices sharply higher, but those gains have since been erased as fears of a global economic slowdown spook investors.Brent crude prices were trading at just over $76 a barrel on Tuesday, well below a recent high of $87.49 hit on April 12.The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, are set to meet in Vienna on June 4 to decide on their next course of action.

Read more:

Saudi Arabia, UAE, other OPEC+ oil