Saudi Arabia and the United Arab Emirates have hinted at the possibility that the OPEC+ collective of oil-exporting nations may reject the United States’ plea to pump more oil in an effort to curb crude prices. With gasoline prices having hit a seven-year high, inflation in America is threatening to surge.
While OPEC+ has already agreed to increase output by 400,000 barrels per day, there is little probability that the organization will agree to a further increase. UAE Minister of Energy Suhail Al Mazroui stated that this rise should be enough in the meantime. He justified this claim by explaining that, according to experts, the oil market is gradually making the transition from deficit to surplus, with a full transformation expected by the start of 2022.
“All what we know and what all the experts in the world are saying is that we will have a surplus. So we need not panic. We need to be calm,” Mazroui assured.
Saudi Arabia’s Energy Minister Abdulaziz bin Salman echoed Mazroui’s beliefs, stating that changes in the oil market has proven to be relatively calm in comparison to coal and natural gas, both of which realized record high prices in the last month.
