UAE Energy Minister Suhail al-Mazrouei said on Monday that he doesn’t see a need for an earlier OPEC+ meeting because the ‘market is balanced’
There is no need for the OPEC+ group of oil producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia’s announcement at the end of last week it would unilaterally cut output.
Russia said on Friday it will cut oil production by 500,000 barrels per day next month after the West imposed price caps on Russian oil and oil products.An OPEC+ ministerial committee is set to meet in early April with a full ministerial meeting planned for June 4. Mazrouei said the agreement was “long term” for a reason and that they would only consider altering it if the group saw something “that would shake the market”.When later asked what factors OPEC+ considered could shake the market, he cited the easing of COVID-19 restrictions in China and the state of the global economy.
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