{"id":6684,"date":"2023-07-23T13:42:58","date_gmt":"2023-07-23T13:42:58","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6684"},"modified":"2023-07-23T13:44:28","modified_gmt":"2023-07-23T13:44:28","slug":"uae-says-current-opec-actions-sufficient-for-now","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6684\/","title":{"rendered":"UAE says current OPEC+ actions sufficient for now"},"content":{"rendered":"
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Roydad Naft News Agency – Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said, and the group is “only a phone call away” if any further steps are needed.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

“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.<\/p>\n\n\n\n

“But we are constantly meeting 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.”<\/p>\n\n\n\n

At its last policy meeting in June, OPEC+ agreed on a broad deal to limit supply into 2024 and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.<\/p>\n\n\n\n

Oil prices have found some support from evidence of tightening supplies and economic stimulus in slow-recovering China, with Brent crude trading above $80 a barrel on Friday, up from near $71 in late June.<\/p>\n\n\n\n

The next OPEC+ policy meeting is not until November, although a panel of key ministers, the Joint Ministerial Monitoring Committee, holds an online meeting on Aug. 4 to review the market.<\/p>\n\n\n\n

The UAE minister said he was not worried about oil demand and described limited investment as the “biggest challenge.”<\/p>\n\n\n\n

“We know how expensive it is to invest, and no one other than (a) few countries are investing and increasing their capacity,” he said.<\/p>\n\n\n\n

The UAE is among the few OPEC members with sizeable unused oil production capacity. At the OPEC+ meeting in June it received a higher production target for 2024 while a number of others had theirs reduced.<\/p>\n\n\n\n

A mechanism for monitoring Russian output will be further developed, the minister added, with OPEC’s headquarters.<\/p>\n

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