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Wednesday, October 4, 2023

UAE: Latest output cut enough to balance oil market


The latest oil production and export cuts announced by OPEC+ leaders Saudi Arabia and Russia earlier this week should be enough to bring the oil market back into balance, United Arab Emirates (UAE) Energy Minister Suhail Al Mazrouei said. . Wednesday.

“It’s enough to assess the market and look at the market balance,” Al Mazrouei told reporters today. Reuters.

However, the UAE, a major OPEC producer, will not undertake any new production cuts, the minister added.

Nearly simultaneously on Monday, Saudi Arabia and Russia announced further cuts to global oil supplies.

Saudi Arabia said it would extend Unilaterally cut oil production by 1 million barrels per day by August. Saudi Arabia will pump around 9 million bpd in July and August after extending voluntary output cuts until next month.

“This additional voluntary production cut is intended to strengthen the preventive efforts of OPEC+ countries and is aimed at supporting the stability and balance of the oil market,” Saudi Arabia said. explain.

Minutes after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said Russia would cut crude oil exports Production increased by 500,000 bpd in August to ensure a balanced market.

Novak’s office told the Russian Daily that cuts in exports in August meant a further 500,000 bpd cut in oil production in August. Knowledge.

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, at today’s OPEC International Symposium in Vienna explain The OPEC+ alliance will take “all necessary measures” to support the oil market.

Statements by Saudi Arabia and Russia this week showed that cooperation between the two OPEC+ leaders remained strong, he added.

Prince Abdulaziz bin Salman said: “Part of what we did (on Monday) with the help of our Russian colleagues was also to ease the audience’s concerns about what was happening between Saudi Arabia and Russia on this specific issue. cynicism about things.”

By Tsvetana Paraskova, Oilprice.com

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