OPEC+ Ready to Balance Markets

OPEC+ Ready to Balance Markets
OPEC+ Ready to Balance Markets

The UAE’s energy minister said on Monday OPEC+ is keen on providing the world with the oil supply it needs, driving home the message that the alliance of top producers will always be in a position to balance markets.
“OPEC+ will always remain a trusted technical organization to balance oil supply and demand,” said Suhail al-Mazrouei at a major industry event in Abu Dhabi, Reuters reported.
"We are only a phone call away if the requirements are there."
US energy envoy Amos Hochstein said that energy has to be priced in a way that allows for economic growth and that more investment is needed in the oil and gas sector.
Speaking at the same conference, Hochstein added that the relationship between the United States and the UAE is "strong, long-standing and enduring".
In October, OPEC+ agreed steep oil production cuts, curbing supply in an already tight market and causing one of its biggest clashes with the West as the US administration called the surprise decision “shortsighted”.
OPEC+ producers rallied around Saudi Arabia after the United States accused the kingdom of pushing OPEC+ nations into the output cut.
“Saudi Arabia and the UAE, two of the world's biggest oil producers, are boosting output and refining and working on clean hydrogen,” Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday.

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