UAE committed to OPEC+, minister says

The UAE is committed to OPEC+, consumers, and the market, despite some media reports suggesting otherwise, Energy Minister Suhail Al Mazrouei told a panel in Russia's St. Petersburg on Thursday.

"(They) have been sacrificing these additional voluntary cuts to stabilise the market. UAE has been committed to this group, committed to the consumers and the market," he said referring to the group of countries including Saudi Arabia, Russia, Algeria, Kazakhstan, Kuwait, Oman and Iraq.

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.

Brent crude oil prices have been trading below $80 per barrel in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China have weighed on prices alongside rising oil stocks in developed economies.

OPEC+ has made a series of deep output cuts since late 2022.