UAE Energy Minister Suhail Al Mazrouei confirmed to Reuters today, Friday, that the current measures taken by the OPEC+ alliance to support the oil market are sufficient at this time, adding that the alliance "only needs a phone call" if any further steps are necessary. During a visit to New Delhi, Al Mazrouei stated, "What we are doing is enough, as we say today. But we meet regularly, and if there is an urgent need to do anything else during those meetings, we will do it. It only takes a phone call."
He continued, "But we meet regularly, and if there is an urgent need to do anything else during those meetings, we will do it. It only takes a phone call." In the latest policy meeting held in June, the OPEC+ alliance agreed to continue limiting production until 2024, and Saudi Arabia committed to a voluntary production cut in July, which has been extended to next month.
Oil prices have received some support following evidence of tightening supply, with Brent crude trading above $80 a barrel today, rising from nearly $71 recorded in late June.
