UAE Energy Minister Suhail Al Mazrouei said today, Friday, that the current measures taken by the “OPEC +” coalition to support the oil market are sufficient at the present time, adding that the alliance “only needs a phone call” if any further steps are needed.
The “OPEC +” alliance, which includes the Organization of the Petroleum Exporting Countries “OPEC” and allies led by Russia, pumps about 40% of the world’s crude oil. The alliance has been limiting supply since late 2022 in an effort to support the market.
“What we are doing is enough, as we say today,” the minister told Reuters during a visit to New Delhi.
“But we meet frequently and if there is an urgent need to do anything else during those meetings, we will do it. It only takes a phone call.”
In the most recent policy meeting held in June, the “OPEC +” alliance agreed to continue to limit production until 2024, and Saudi Arabia pledged to voluntarily cut production in July, which it extended until next month.
Oil prices received some support after evidence of tight supply emerged, with Brent crude trading above $80 a barrel on Friday, up from around $71 in late June.
The OPEC + alliance will hold its next policy meeting in November, but a committee of key ministers will meet on August 4 to review the market situation.
