Current actions taken by OPEC+ to support the oil market are deemed sufficient for now, according to UAE Energy Minister Suhail al-Mazrouei. He stated that the group, which consists of OPEC and its allies led by Russia, is ready to take further steps if required and are just a phone call away. OPEC+ collectively produces approximately 40% of the world’s crude oil and has been implementing supply cuts since late 2022 to stabilize the market.
During the G20 energy ministerial meetings in Goa, India, al-Mazrouei assured that the current measures in place are enough. However, he emphasized that the group is always meeting and will address any additional steps during these meetings. He reiterated that they are always in close communication with each other.
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