OPEC+ continues to play a crucial role in stabilizing the global oil market, UAE Energy Minister Suhail al-Mazrouei said on Wednesday, as quoted by Reuters. According to him, the group of oil-producing countries has sacrificed more than others to maintain market balance.
“OPEC+ has made a significant contribution to stabilization, and the key element is to remain united,” Mazrouei emphasized at an oil industry event in Fujairah, adding, “Imagine a world without OPEC+ – it would be chaos.”
The minister’s remarks come just hours before a meeting of the OPEC+ committee, where member countries will discuss further oil production strategies. The group includes members of the Organization of Petroleum Exporting Countries (OPEC) as well as nations like Russia, Kazakhstan, Mexico, Oman, and Brunei.
Russian Deputy Prime Minister Alexander Novak had similarly stated earlier that OPEC+ is “strategically” reducing production to ensure long-term investment in the sector and achieve a balance between prices for producers and consumers.
As of Wednesday, oil prices surged significantly due to escalating conflict in the Middle East, particularly following Iran’s missile strike on Israel and the Israeli military’s incursion into southern Lebanon.
