UAE Energy Minister: Saudi voluntary oil output cuts will not reduce OPEC+ compliance

Dhwani Mehta FXStreet

The United Arab Emirates (UAE) Energy Minister Suhail Al-Mazrouei said Wednesday, he disagrees that the Saudi Arabian voluntary oil output cut will reduce the overall compliance of the OPEC and its allies (OPEC+).

On Tuesday, he warned the US shale and other oil producers against ramping up production this year.

With demand still fragile, they “are wise not to jump the gun and overproduce during the recovery year,” Al-Mazrouei said, adding that they “need to be careful not to flood the market.”

Market reaction

WTI recedes from multi-month tops of $53.93, now trading at $53.40, still up 0.38% so far.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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