The OPEC+ alliance, which pumps about 40% of global crude, is taking adequate measures to stabilize the oil market, according to statements by UAE Energy Minister Suhail Al Mazrouei, reported by Reuters today, Saturday.
The minister added that the alliance's role is pivotal in managing the energy market for the interests of producers and consumers.
The Organization of the Petroleum Exporting Countries (OPEC) expected global oil demand to grow by 2.4 million barrels per day in 2023, an increase of 100 thousand barrels from the expectations of last June, attributing this, according to its monthly report issued on July 13, to the increase in China’s demand in the second quarter of the year, in addition to a slight improvement in demand in Latin America during the same period.
For its part, the International Energy Agency reduced its forecast for oil demand this year by 220 thousand barrels per day to 2.2 million barrels.
Revenues from OPEC oil exports last year recorded the highest level in a decade
OPEC+ includes the Organization of the Petroleum Exporting Countries (OPEC) as well as allies including Russia.
Al-Mazrouei said at a meeting of energy ministers of the G20 member states in India: I think that what we are doing in the alliance is sufficient, especially in dealing with the issue of supply and demand, and we are doing this on behalf of all producers in the world, and in favor of finding a balance between supply and demand for all consumers as well.
On the first of last April, the main oil producers in the OPEC + alliance announced, in simultaneous and independent statements, a voluntary production cut, starting from the beginning of May until the end of the year, at a size of 1.65 million barrels per day, before extending the cut to the end of 2024.
