CAIRO: Saudi Arabia and the United Arab Emirates signaled OPEC+ won’t bow to US pressure to pump oil faster after President Joe Biden's call for immediate relief at the gas pump, as Bloomberg reported.
Speaking at the ADIPEC energy conference in Abu Dhabi, UAE Energy Minister Suhail Al Mazrouei said it is enough that OPEC+ is raising daily supply by 400,000 barrels per month.
Mazrouei also added the oil market will switch from a supply deficit to a surplus early next year, and that’s one of the main reasons for OPEC+ not being more aggressive.
The UAE's energy minister's comments were echoed by Saudi Energy Minister Abdulaziz bin Salman, who said he is not worried about the US potentially selling crude from its Strategic Petroleum Reserve to force prices down.
“OPEC+ is fulfilling its duty,” he said in a separate interview at ADIPEC.
