UAE Energy Minister: Voluntary Production Cuts Aim to Achieve Market Balance

UAE Energy Minister Suhail Al Mazrouei confirmed to journalists today, Tuesday, that "the voluntary production cuts implemented by the OPEC+ alliance of oil-producing countries aim to achieve balance in the oil markets." He stated, "I am not overly concerned about the near term, and I believe we can achieve balance between supply and demand. I am more worried about the levels of investment needed in the future." Brent crude prices exceeded $76 per barrel, which is significantly lower than the $87.49 per barrel recorded on April 12. The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is scheduled to meet in Vienna on June 4 to determine its next steps.