• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 20 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry

UAE Says OPEC+ Cuts Are Enough To Support The Oil Market

The current moves of OPEC+ to cut oil production are enough to support the market, Suhail al-Mazrouei, the energy minister of the United Arab Emirates (UAE), told Reuters on Friday.

The actions the OPEC+ group has taken so far are sufficient, according to the OPEC heavyweight the UAE.

“What we are doing is sufficient as we say today,” al-Mazrouei told Reuters.

“But we are constantly meeting and if there is a requirement to do anything else then during those meetings, we will pick it up. We are always a phone call away from each other,” the minister added.

At the OPEC International Seminar in Vienna early this month, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ alliance would do “whatever necessary” to support the oil market, after Saudi Arabia and Russia announced cuts to production and exports, respectively, for next month.

Saudi Arabia, the world’s top crude oil exporter, 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.

Russia’s Deputy Prime Minister Alexander Novak said that Russia would reduce its crude oil exports by 500,000 bpd in August in a bid to ensure a balanced market.

Russian crude oil exports have shown signs of declines for a second consecutive week and are estimated to have sunk to a six-month low in the four weeks to July 16. As Russia is preparing to cut 500,000 bpd off its oil exports in August, shipping plans so far suggest that Russia could deliver on at least part of its pledge to reduce oil exports next month.

ADVERTISEMENT

Saudi Arabia’s crude oil exports have also started to decline, to below 7 million bpd in May, for the first time in many months.   

By Tom Kool for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News