OPEC+'s Strategic Maneuver in the Oil Market
The United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei emphasizes OPEC+'s efforts in balancing the oil market amidst rising demand. The group has been adjusting output cuts since 2022, with recent increases for May and June, but stresses the need for further investment and global cooperation.
OPEC+ is striving to achieve equilibrium in the oil market as demand increases, according to UAE Energy Minister Suhail Mohamed Al Mazrouei. Speaking at a forum in Abu Dhabi, he highlighted the group's actions and collaboration with allies like Russia to adjust production cuts since 2022.
The grouping, which includes the Organization of the Petroleum Exporting Countries and allied nations, has already implemented larger-than-expected output boosts for May and June. Their efforts aim to support market stability and ensure sufficient investment in oil supply.
Al Mazrouei emphasized the necessity of external cooperation and mindful investment, as unpredictable demand could disrupt market expectations. He assured that OPEC+ is committed to mitigating risks while urging additional global support for a sustainable future.
(With inputs from agencies.)
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