UAE Energy Minister: No discussions with OPEC+ members on production cuts

UAE Energy Minister Suhail Al Mazrouei said his country was committed to OPEC+’s goal of sustaining balance in the market and we would support any decision to achieve this.

Al-Mazrouei denied any discussions with OPEC+ members over the decision to cut production, valid until 2023.

Saudi Energy Minister Prince Abdulaziz bin Salman flatly denied recent reports that the kingdom is currently in discussions with other OPEC+ producers on an increase in production of 500,000 barrels per day.

The minister added: “It is known, and it is no secret to anyone, that OPEC+ does not discuss any decisions before its meetings… knowing that the current cut of two million barrels per day by OPEC+ will continue until the end of 2023.”

Earlier, The Wall Street Journal reported that the OPEC+ meeting on Dec. 4 will discuss ramping production up to 500,000 barrels per day.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, recently cut production targets. Saudi Energy Minister Prince Abdulaziz bin Salman was quoted as saying this month that the organization would remain cautious.

At the same time, supply concerns eased significantly, while concerns about Chinese fuel demand and a stronger dollar weighed on prices.

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