UAE sees current Opec+ actions sufficient for now, says minister – Gulf Today

UAE sees current Opec+ actions sufficient for now, says minister – Gulf Today

Oil prices found some support from evidence of tightening supplies and economic stimulus in China.

Current actions by Opec+ to support the oil market are sufficient for now, UAE Energy Minister Suhail Al Mazrouei said on Friday, and the group is “only a phone call away” if any further steps are needed.

Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world’s crude. The group has been limiting supply since late 2022 to bolster the market.

“What we are doing is sufficient as we say today,” the UAE minister told Reuters in Goa, India, where he is attending G20 energy ministerial meetings.

“But we are constantly holding meetings and if there is a requirement to do anything else then during those meetings, we will pick it up. We are always a phone call away from each other.”

At its