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The latest oil production and export cuts announced earlier this week by the OPEC+ leaders – Saudi Arabia and Russia –should be sufficient to bring the oil market back to balance, Suhail Al Mazrouei, the energy minister of the United Arab Emirates (UAE), said on Wednesday.
“This is enough to assess the market and look at the market balance,” Al Mazrouei told reporters today, as carried by Reuters.
However, the UAE, a major OPEC producer, will not be doing any fresh production cuts, the minister added.
On Monday, Saudi Arabia and Russia announced nearly at the same time fresh cuts to global oil supply.
Saudi Arabia said it would extend its unilateral oil production cut of 1 million bpd into August. Saudi Arabia will be producing around 9 million bpd in both July and August after extending the voluntary cut into next month.
“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil market,” Saudi Arabia said.
Minutes after the Saudi announcement, Russia’s Deputy Prime Minister Alexander Novak said that Russia would cut its crude oil exports by 500,000 bpd in August in a bid to ensure a balanced market.
The August cut in exports would mean an additional cut in oil production by 500,000 bpd in August, Novak’s office told Russian daily Vedomosti.
At the OPEC International Seminar in Vienna today, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ alliance would do “whatever necessary” to support the oil market.
The announcements from Saudi Arabia and Russia this week showed that cooperation between the two OPEC+ leaders continues to be strong, he added.
“Part of what we have done (on Monday) with the help of our colleagues from Russia was also to mitigate the cynical side of the spectators on what is going on between Saudi and Russia on that specific matter,” Prince Abdulaziz bin Salman said.
By Tsvetana Paraskova for Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.