UAE says ‘no logic’ to OPEC+ increasing oil production faster

The United Arab Emirates said there was no need for OPEC+ to increase oil production any faster, despite pressure from major consumers such as the US and Japan.

“I don’t think we are changing the plan,” UAE Energy Minister Suhail Al-Mazrouei said to reporters Tuesday in Dubai.

The Organization of Petroleum Exporting Countries and its partners including Russia next meet on December 2 to decide on their production strategy. The group is increasing daily output by 400,000 barrels each month, but has said it will be flexible and can move faster or slower than that depending on demand.

Mazrouei reiterated that the oil market will switch from a supply deficit to a surplus in the first quarter of next year.