UAE says current OPEC+ actions to support the oil price are sufficient at present | Forexlive

The UAE Energy Minister Suhail al-Mazrouei spoke on Friday in Goa, India, where he is attending G20 energy ministerial meetings, His comments were reported over the weekend:

• Current actions by OPEC+ to support the oil market are sufficient for now
• “What we are doing is sufficient as we say today,”
• “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.”

At its most recent meeting OPEC+ continued its agreement to limit supply into 2024 and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.

Coming up:

• the next OPEC+ policy meeting is scheduled for November
• OPEC’s Joint Ministerial Monitoring Committee holds an online meeting on August 4 to review the market