Despite the calls to boost supply to tame high prices, OPEC+ is likely to continue easing the cuts with the gradual pace it set in July as it expects the oil market to tip into a surplus as soon as the first quarter of 2022, according to the energy minister of one of OPEC’s heavyweights, the United Arab Emirates (UAE).
“All of the data are showing us in the first quarter we will have a surplus of supply compared to demand,” despite the current deficit on the market, the UAE’s Energy Minister Suhail al-Mazrouei told Reuters…UAE Sees OPEC+ Sticking To Oil Output Plan With Surplus Looming In Q1
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