OPEC+ is facing 'volatile prospects' in oil markets both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday.
United Arab Emirates Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei speaks to reporters at the Abu Dhabi International Petroleum Exhibition and Conference in Abu Dhabi, United Arab Emirates, October 31, 2022. REUTERS/Amr Alfiky
CAIRO, Jan 14 - OPEC+ is facing "volatile prospects" in oil markets both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday. He said this was due to European sanctions on Russian crude going into effect in addition to China's lifting its "zero-COVID" policy. OPEC+ production capacity was down 3.7 mln bpd due to less investments in oil sector, Al-Mazrouei said.
He also said UAE is taking preemptive steps to compensate less oil production capacity in some countries.
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