- Analytics
- News and Tools
- Market News
- UAE Energy Minister: OPEC+ mission is to stabilize the market
UAE Energy Minister: OPEC+ mission is to stabilize the market
UAE Energy Minister Suhail Mohamed Al Mazrouei said on Tuesday, “we have one mission in OPEC+, which is stabilizing the market.”
Additional comments
We are not taking sides today and saying this is right or wrong inside the OPEC+ organization.
Our aim is to calm the market and come up with the volumes, if we ask someone to leave, we would raise the prices which is against what consumers want.
We cannot squeeze some partners out of OPEC+, countries can select from which resources they buy but we can't decide for the world.
We have seen crises and wars before and we stayed on course and delivered.
Difficult to predict future of market volatility, issues like whether Iran barrels will come into the market or not and whether or not investments will be made to replace lost barrels hanging.
Lack of investments in oil and gas will catch up with us down the road, we need to incentivise investments.
More barrels will be needed in the future and few countries are putting resources to develop them.
We believe there will be growth in demand, we're seeing it.
Market reaction
WTI is rebounding 1.70% on the day, trading at $104.35, as of writing. The black gold tumbled on Monday after Shanghai entered into a phased lockdown due to the coronavirus resurgence.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
