The UN chief urges international community to work together to prevent any actions that could push the entire Middle East over the edge
He was speaking at the Atlantic Council Global Energy Forum that opened in the UAE capital on January 12. The forum brings together global energy leaders to throw light on the challenges and opportunities for cooperation in the energy sector and formulate responses to the changing geopolitics of energy transition.
Speaking at a session on 'The future of Opec and oil markets', Al Mazrouei said he does not see the need to review output cuts as the surging price is due to peak demand this month.
"It is premature. The market is not far from where we are today. There is an increase in price. But we need to wait for the first or second quarter and are still worried about 100 million barrels of five years average. The market fundamentals have not given us any signals that we need to do something [about cutting output].
"I don't believe if we see the prices go up to $69 or $70 per barrel, we should meet and panic. I think we stay on course."
Al Mazrouei said at the oil ministers' meeting in Oman next week, they will take stock of the situation. "I am not expecting any huge changes or review."
According to him, high compliance by oil-producing countries to the agreed output cut has also resulted in the market regulating itself. "Countries were committed and transparent. They delivered what they promised."
- anjana@khaleejtimes.com
The UN chief urges international community to work together to prevent any actions that could push the entire Middle East over the edge
This punishment sent out a message to all teams of the importance of maintaining a healthy pace throughout a match
Only 10 of Gaza's 36 hospitals are currently even partially functioning
The updated Meta AI assistant will be given more prominent billing within Meta's Facebook, Instagram, WhatsApp and Messenger apps
The McLaren driver saw his fastest lap time deleted and then reinstated in the final minutes of the session as he edgec Hamilton in his Mercedes by 1.261 seconds
Sharafu’s unbeaten 55 ensured UAE would post a comfortable victory in the ACC Men’s T20 Premier Cup in Oman
The country called on the international community to intensify all efforts to achieve a comprehensive and just peace
These initiatives are part of commitments by the local firms to support the UAE community in times of crisis