WTI falls below $80 despite UAE Energy Minister’s optimistic outlook on oil market

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On the sidelines of the Atlantic Council World Energy Forum, held this weekend in Abu Dhabi, the UAE Minister of Energy, Suhail al-Mazrouei, has stated that the oil market remains “stable” for the time beingunfazed by capping Russian crude oil prices.

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“The market is a bit stable, and we believe that the decisions we have made have been a good decision and an indication of the stabilization that we are seeing.”

“Now, with China opening up, hopefully we will see a pick up in demand and, when we meet, we will discuss it as usual. We always make the decision that serves to balance the market“.

“There is no comment on how Russian oil volumes will be affected in the future by the price cap and sanctions.”

These factors are external and “out of our control.”

Source: Fx Street

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