UAE Downplays Further Crude Cut By OPEC - Latest News
Organization of Petroleum Exporting Countries, shocked the oil market by announcing a round of large production reductions.“I’m not that worried about the very, very short term. Let’s wait. This is not a prediction that I can give now or a decision, this is a collective decision,” Al Mazrouei told reporters in Abu Dhabi Tuesday on whether further OPEC+ supply adjustments are needed.
The OPEC and its allies are currently proceeding with preparations for an in-person meeting at its Vienna headquarters next month. Crude has retreated more than 9 per cent this year, with futures whipsawed by the Federal Reserve’s monetary-tightening campaign, concerns of a U.S. recession, and countervailing hopes for a resurgence in Chinese demand.
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