UAE energy minister expects oil supply surplus as early as Q1 2022

 UAE Energy Minister Suhail al-Mazrouei said on Monday that he expected an oil supply surplus in the first quarter of 2022, ruling out the possibility of oil prices reaching $100 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies - collectively known as OPEC+ - will look at fundamentals to determine the pace of output increases, Mazrouei added.