Voluntary oil output cuts ensure market stability: Suhail Al Mazrouei

VIENNA, 5th July, 2023 (WAM) — Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, has affirmed that voluntary oil output cuts by OPEC and non-OPEC producers have contributed to ensuring global oil market stability and balance in market fundamentals between supply and demand.

In statements to the Emirates News Agency (WAM), on the sidelines of the 8th OPEC International Seminar, which kicked off today in Vienna, Al Mazrouei said that oil producing countries have in-depth knowledge of market fundamentals, noting that the global oil market fluctuates as a result of information discrepancy.
He explained that the periodic meetings of OPEC and OPEC+ help limit fluctuations and restore market balance and stability, through cooperation and joint efforts, especially as OPEC and OPEC+ member countries account for around 40 percent of the global oil output.

”Through our periodic meetings, we are constantly working to monitor markets and relevant shifts to ensure taking timely and effective measures, which help boost stability across the market and drive economic development worldwide, Al Mazrouei added.

He stressed that oil producing countries have a more comprehensive view of the market, noting that they present a realistic outlook of supply-demand balance through data issued by independent sources that ensure credibility and unbiased decision-making.

The minister concluded by stating that the UAE is one of OPEC+’s top exporters and plays a crucial role in assisting the organisation’s initiatives and decisions, which help meet the oil and gas needs of all world nations while committing to voluntary oil output cuts to ensure market stability.