UAE Energy Minister Praises OPEC+ Efforts

UAE Energy Minister Suhail al-Mazrouei praised OPEC+ for its vital role in stabilizing the global oil market, emphasizing the group's unity despite not being the largest oil producer. He highlighted concerns regarding future investment in oil and gas, warning that inadequate funding could lead to a crisis. As tensions rise in the Middle East, Brent crude prices have surged above $74 a barrel. Al-Mazrouei declined to provide a short-term forecast for 2025 due to geopolitical uncertainties but stressed the importance of OPEC+'s collaborative efforts. Ahead of an online OPEC+ monitoring committee meeting, there are indications that no significant changes to current output cuts will be proposed. Overall, the group's strategic supply reductions have aimed to balance the market amidst fluctuating global demand and rising production outside OPEC+.