UAE Energy Ministry: People want more oil production but few want to finance the industry

Dhwani Mehta FXStreet

UAE Energy Minister Suhail Mohamed Al Mazrouei said on Monday, “people want more oil production but few want to finance the industry.”

“We are currently in a situation that was warned about years ago,” he added.

Additional comments

No one can substitute Russian barrels.

Russian volumes are needed today.

Every country is facing a natural decline in production.

OPEC+ as a group already lost 1 million barrels over one year.

WTI spot hit on Shanghai lockdown

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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