UAE Energy Minister: Oil Market Is Balanced

UAE Energy Minister: Oil Market Is Balanced

There is no need for the OPEC+ group of oil-producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia's announcement last week that it would unilaterally cut output.

"I do not see a requirement for a meeting. The market is balanced," Suhail al-Mazrouei said when asked whether the Organization of the Petroleum Exporting Countries and allies would bring forward their next planned meeting.

Russia said on Friday it will cut oil production by 500,000 barrels per day (bpd) next month after the West imposed price caps on Russian oil and oil products.

OPEC+ agreed in October to cut oil production targets by 2 million bpd until the end of 2023.

An OPEC+ ministerial committee is set to meet in early April with a full ministerial meeting planned for June 4.

Brent oil prices settled over 2 percent higher on the Russian cut news on Friday and were trading broadly steady at $86.06 a barrel at 16.18 GMT on Monday.

Mazrouei said the agreement was "long term" for a reason and that they would only consider altering it if the group saw something "that would shake the market".

"We haven't seen that. The market is balanced and stable," he added.

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