UAE energy minister says OPEC+ doing 'noble' job of balancing oil market

2/10/2024 14:06

        United Arab Emirates energy minister Suhail al-Mazrouei said on Wednesday OPEC+ was doing a "noble" job of balancing the oil market even if does not produce the majority of oil in the world.
        
        "OPEC+ has sacrificed more than others but the critical element is that it is staying together," Mazrouei said at an industry event in the emirate of Fujairah.
        
        Oil prices jumped by over a dollar on Wednesday due to rising concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran's biggest ever military blow against Israel. Brent crude stood at $74.56 a barrel at 0330 GMT.
        
        Top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee (JMMC) meeting on Wednesday at 1200 GMT.
        
        Oil prices have fallen in 2024, with Brent crude last month slipping below $70 a barrel for the first time since 2021, pressured by concern about global demand and rising supply outside OPEC+.