Oil & Gas

14 Jan 2020

OPEC+ Committed to Balanced Oil Market: UAE Minister

14 Jan 2020  by Xinhua   
Energy Minister of the United Arab Emirates (UAE) Suhail Al Mazrouei has said the alliance of the oil producing nations known as OPEC+ remains committed to a balanced oil market despite rising geopolitical tensions in the region, the local daily newspaper the National reported Sunday.

More than 20 countries are committed not to raising prices but to delivering a balanced oil market and ensuring the world is well supplied, said the minister at the sideline of a meeting in Abu Dhabi on Saturday.

He also said he is optimistic about a de-escalation of tensions

The OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and its allies, has been curbing production since the beginning of 2017 in a bid to control supply and support pricing.

The group agreed in December 2019 to deepen cuts to 2.1 million barrels per day starting January 2020 until the end of March.

Oil prices rose to more than 70 U.S. dollars per barrel following the killing of Qassem Soleimani, former commander the Quds Force of Iran's Islamic Revolution Guards Corps, but pared gains close to 65 dollars per barrel on Friday as tensions between the two nations receded.


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