The United Arab Emirates Energy Minister, Suhail Mohamed Al Mazrouei, said on Tuesday that “we have a mission in OPEC+, which is to stabilize the market“.
Additional comments
We are not going to take sides today and say whether this is right or wrong within the OPEC+ organization.
Our objective is to calm the market and reach the volumes. If we ask someone to leave, we would raise prices which goes against what consumers want..
We have seen crises and wars before and we stayed on the road and delivered supplies.
It is difficult to predict the future of the volatility of the markets, questions such as whether the barrels of Iran will enter the market or not and whether or not investments will be made to replace the lost barrels.
The lack of investment in oil and gas will catch up with us in the futurewe need to encourage investments.
In the future more barrels will be needed and few countries are putting resources to develop them.
We believe that there will be growth in demand, we are seeing it.
market reaction
WTI is up 1.70% on the day, trading at $104.35 at time of writing. Black gold fell on Monday after Shanghai entered a gradual lockdown due to the resurgence of the coronavirus.
Source: Fx Street
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