OPEC+ Can Proceed With Reviving Supply, Two Key Members Say - Bloomberg
OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike.
“The plan is working, we’re gradually increasing and the market is absorbing it,” United Arab Emirates Oil Minister Suhail Al-Mazrouei said Tuesday at the Gastech conference in Dubai. “I don’t see any reason why we should deviate from that.”
Mazrouei’s view echoes comments from his Iraqi counterpart over the weekend, as well as delegates from several other OPEC+ nations speaking privately.
The 23-nation OPEC+ coalition is restoring crude supplies halted when the pandemic crushed global fuel demand last year. The group, led by Saudi Arabia and Russia, will meet on Oct. 4 to review the next monthly increment of 400,000 barrels a day.
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