Voluntary oil supply cuts enough to balance the market: UAE

Voluntary cuts to oil supply should be enough to balance the market, the United Arab Emirates’ energy minister said.

Current oil supply is sufficient to cover demand, which is set to run at a high pace of about two per cent this year, Suhail Al Mazrouei told Bloomberg TV in an interview.

Saudi Arabia undertakes oil production cuts

He said there has been no request for the UAE to undertake voluntary output cuts — such as have been carried out by the likes of Saudi Arabia.

The UAE has long argued that its burgeoning oil production capacity meant the country needed to be allowed to pump more than its current OPEC+ quotas permit. The group will likely tweak those thresholds in 2025 to address disparities between different countries, he said.

 

Read: Saudi oil cuts throw last year’s standout economy into slow lane