ABU DHABI: Crude oil markets are balanced and volatility is linked to factors outside the control of the Opec+ producers group, UAE Energy Minister Suhail Al Mazrouei said yesterday.
“Something outside of our control is causing the imbalance,” he said at a utilities conference in Abu Dhabi.
The UAE is a member of Opec+, made up of the Organisation of the Petroleum Exporting Countries and allies including Russia.
“We are trying to meet every month just to look and monitor the market and we are increasing production with what is required.”
Opec+ agreed earlier this month to another modest increase in its monthly oil output target, arguing that the group could not be blamed for disruptions to Russian supply and saying China’s coronavirus lockdowns threatened the outlook for demand.
Speaking at the same conference, Saudi Energy Minister Prince Abdulaziz bin Salman said it is “mind boggling” why people are focusing on high oil prices and not on gasoline or diesel, for instance.