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OPEC More Worried About Oil Supply Than Demand

OIL

Supply issues among some oil producers could tighten the market next year amid rising demand, the UAE Energy Minister Suhail Al Mazrouei said.

  • “I’m not worried about demand. What worries us is whether we are going to have enough supplies in the future,” Al Mazrouei said
  • When OPEC meets at the end of the year, “we will be worried more about where the supply is coming from rather than demand,” he added.
  • He also added that the US SPR release won’t shock the market, as the US plans to fulfil the congress-mandated SPR sales of 26mbbls planned for FY2023 to the end of September. Congress previously cancelled 140mn barrels of required sales last year for the four fiscal year starting in Oct 2023 at the administration’s request. The withdrawals will take the total strategic reserves down to about 354mbbld.
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