UAE: No need for unscheduled OPEC+ meeting

There is no need to hold an OPEC+ meeting ahead of schedule, the market is balanced, Minister of Energy and Infrastructure of the UAE Suhail Mohamed Al Mazrouei said, Report informs.

Earlier, Russian Deputy Prime Minister Alexander Novak told reporters that the Russian Federation would voluntarily reduce oil production by 500,000 barrels per day in March, which would help restore market relations, and when making further decisions, the country would act based on the current market situation.

Al Mazrouei also noted that the agreement is long-term, and changes in its parameters will be considered only in cases where there are any shocks in the market. “So far we have not seen this. The market is balanced and stable,” he said.

OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to falling demand caused by the coronavirus pandemic. Since August 2022, the alliance has moved to the final stage of abandoning these cuts, but since November it has again cut production - by 2 million barrels per day from the level that was the highest possible for August. On February 1, a meeting of the OPEC+ ministerial monitoring committee was held, which didn’t recommend adjusting the current parameters of the alliance’s oil production agreement.