UAE Energy Minister: Saudi voluntary oil output cuts will not reduce OPEC+ compliance

The United Arab Emirates (UAE) Energy Minister Suhail Al-Mazrouei said Wednesday, he disagrees that the Saudi Arabian voluntary oil output cut will reduce the overall compliance of the OPEC and its allies (OPEC+).

On Tuesday, he warned the US shale and other oil producers against ramping up production this year.

With demand still fragile, they “are wise not to jump the gun and overproduce during the recovery year,” Al-Mazrouei said, adding that they “need to be careful not to flood the market.”

Market reaction

WTI recedes from multi-month tops of $53.93, now trading at $53.40, still up 0.38% so far.