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UAE OPEC Comments Prompt Crude Lower

OIL

UAE Energy Minister Suhail al-Mazrouei told Reuters on Friday current actions by OPEC+ to support the oil market were sufficient for now and the group is “only a phone call away” if any further steps are needed.

  • UAE and Iraq’s exports increased by 0.5mbd in July (days 1-15), countering actions by other OPEC members like Saudi to try and stem supply this month.
  • OPEC+ cuts have been supportive for oil this week along with potential stimulus measures by China but an earlier rally is fading somewhat on UAE comments that indicate no further cuts by OPEC nations.
  • Brent SEP 23 up 0.8% at 80.28$/bbl
  • WTI SEP 23 up 0.8% at 76.26$/bbl

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