UAE: OPEC+ taking adequate measures for oil market stability

By Sama Mousa On Jul 24, 2023

UAE Energy Minister Suhail al-Mazrouei said on Saturday that the OPEC+ is taking adequate measures to ensure stability of the oil market.

The Organization of the Petroleum Exporting Countries plus allies including Russia, or simply the OPEC+, has a crucial role in managing the market for the benefit of all producers and consumers, the minister said.

He also talked about the bloc pumping around 40 percent of the world’s crude.

“I believe what we are doing in OPEC+ is adequate and we are addressing that (demand and supply).” al-Mazrouei said during a meeting in India for energy ministers of the Group of 20 nations.

“We are doing this on behalf of all producers around the world and for the benefit of balancing demand and supply for all the consumers as well,” he added.

Crude Energy energy sector Group of 20 nations Oil OPEC Organisation of the Petroleum Exporting Countries (OPEC)Organization of Petroleum Exporting Countries (OPEC)