UAE says oil markets unshaken after Russia’s plan to cut output

Dubai: Global oil markets remain balanced and OPEC+ producers don’t need to intervene, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

“I don’t see a requirement for a meeting,” the minister said on the sidelines of an event in Dubai.

Russia said on Friday it planned to cut its oil output by 500,000 barrels a day next month, as the Kremlin retaliated against western energy sanctions. That pushed oil prices higher but members of the OPEC+ alliance indicated they wouldn’t boost production to compensate for Moscow’s cutbacks.

OPEC+ members agreed to output targets late last year that would remain fixed until the end of 2023. Those targets would apply unless “we have something that would shake the market,” said Mazrouei. “We haven’t seen that.”