UAE: Minister seeks market ‘balance’ – and then growth for key players

Over-production by non-Opec members – above the Opec+ group’s agreements, currently to roll over their 9.6m b/d in output cuts – could undo the good work since April that has seen crude prices rise to over $40/bbl, energy and industry minister Suhail Al-Mazrouei warned on 15 June. “We feel that unless we have another wave of the Covid-19… we will see the demand recovery at a pace that is adequate to the cut we have done as Opec+, provided other producers do not rush quickly and overproduce,” he told a webcast interview with US think tank the Atlantic Council.