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Oil Market Is Balanced: UAE Energy Minister

OIL

The oil market is currently balanced and there is no need for an extraordinary OPEC+ meeting, UAE Energy Minister Suhail Mohamed Al Mazrouei said.

  • “I don’t see a requirement for a meeting. The market is balanced”, Al Mazrouei said.
  • “There was a reason, that we saw that this deal would need to go for the long-term until we have something that would shake the market and we haven’t seen that. The market is balanced, stable,” he added.
  • Last week Russia announced it plans to cut March oil output by 500kbpd as a response to Western sanctions.

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