OPEC+: Balancing Act Amid Global Tensions

UAE Energy Minister Suhail al-Mazrouei praised OPEC+ for its role in stabilizing the oil market, despite producing less than half of the world's supply. Emphasizing the group's unity, his statements precede a crucial OPEC+ committee meeting. Rising Middle East tensions have led to a surge in oil prices, highlighting geopolitical uncertainties.

United Arab Emirates Energy Minister Suhail al-Mazrouei extolled OPEC+ on Wednesday, stating the alliance's crucial role in stabilizing the global oil market. Despite not being the largest producer, OPEC+ stands unified in its efforts. 'Imagine the world without this group. We would be in chaos,' he remarked at an industry event in Fujairah.

His comments mirrored those of Russian Deputy Prime Minister Alexander Novak, who noted OPEC+'s strategic reduction in oil supply to secure long-term investments and balanced prices. This unity comes ahead of a planned virtual meeting of an OPEC+ committee, aimed at maintaining market stability.

Output from OPEC+, comprising OPEC and allies like Russia, constitutes 48% of the world's oil supply. Mazrouei refrained from forecasting the oil market for 2025, citing volatile geopolitical factors. Meanwhile, rising Middle East tensions have pushed Brent crude prices above $74 a barrel, amid fears of a disruption in regional crude output.

(With inputs from agencies.)