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Fresh headlines are crossing the wires from the UAE official, via Reuters, citing that it is fully committed to OPEC and its allies (OPEC+) agreement.
The UAE said that it has no “prior stance” ahead of the upcoming OPEC+ meeting.
The UAE Energy Minister, Suhail Al Mazrouei, said last Tuesday that he does not see any logic in his country supplying more oil to global markets, while all indications indicate that the first quarter of next year will witness an oversupply.
Some of the world’s largest energy consumers have announced that they are joining the US-led effort to release strategic oil reserves in a bid to calm high oil prices.
J.P. said. Morgan said that any impact on oil prices of the withdrawal of crude reserves will not last for long.
It also predicts that global oil demand will exceed 2019 levels by March 2022.
While the focus has now shifted to how the Organization of the Petroleum Exporting Countries and its allies will respond to the drawdown, sources said the OPEC+ alliance is not currently discussing halting oil production increases.
The Organization of the Petroleum Exporting Countries will hold a meeting on the first of December, followed by a meeting of the OPEC + alliance on the day following the decision of the oil policy of the major oil producers.
