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ABU DHABI, May 9 (Reuters) – The OPEC+ group of producers imposed additional voluntary output cuts to balance the oil market, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday.
Briefing reporters on the sidelines of the World Utilities Congress, Mazrouei said he was concerned about future supply shortages due to sluggish investment.
“I’m less worried about what’s going on in the short term, I think we can manage to balance supply and demand. I’m more worried about the level of investment that will be required over the next few years,” he said.
in a by surprise In early April, Saudi Arabia and other OPEC+ members announced further production cuts of around 1.2 million barrels per day.
The announcement helped push oil prices sharply higher, but those gains were erased as fears of a global economic slowdown spooked investors.
Brent crude was trading just above $76 a barrel on Tuesday, well off its recent high of $87.49 hit on April 12.
The Organization of the Petroleum Exporting Countries and its allies led by Russia, or OPEC+, are scheduled to meet in Vienna on June 4 to decide their next course of action.
Reporting by Maha El DahanWriting by Ahmad Ghaddar; Editing by Kevin Liffey
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