OPEC+ must be mindful of rising oil demand, UAE energy minister says
ABU DHABI - OPEC+ is doing its best to balance the oil market, but needs to be mindful of rising demand, United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei said on Tuesday.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has agreed various layers of cuts since 2022 to support the market.
Members of the group, which plans to hold a full ministerial meeting on Wednesday, began unwinding some of the cuts in April. It has agreed larger-than-expected output boosts for May and June.
'This group, that is OPEC+, I would say is doing its best to balance the market and ensure that we have enough investments in the supply,' Al Mazrouei told a forum in Abu Dhabi. He had been asked about plans for oil output in July.
'Rest assured, this group is doing its best. But it is not enough only this group, we need the help of others, and we need to be mindful of the demand. Demand is picking up, and the market is going to surprise us if we're not investing in it.'
Reporting Yousef Saba and Sarah El Safty, writing by Nayera Abdallah, editing by David Goodman and Barbara Lewis, Reuters
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