UAE says current OPEC+ supports sufficient for now | Reuters
Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said on Friday but the group is "only a phone call away" if any further steps are needed.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude. The group has been limiting supply since late 2022 to bolster the market.
"What we are doing is sufficient as we say today," the UAE minister told Reuters in Goa, where he is attending G20 energy ministerial meetings.
"But we are constantly meeting and if there is a requirement to do anything else then during those meetings, we will pick it up. We are always a phone call away from each other."
At its last policy meeting, held in June, OPEC+ agreed on a broad deal to limit supply into 2024 and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.
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