UAE energy minister Suhail Al Mazrouei said on Wednesday that Opec+ was doing a “noble” job of balancing the oil market even if does not produce the majority of oil in the world.
“Opec+ has sacrificed more than others but the critical element is that it is staying together,” Mazrouei said at an industry event in the emirate of Fujairah.
Mazrouei would not comment on the short term outlook for oil in 2025, saying that there were many moving parts including geopolitics.
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Oil prices jumped by over a dollar on Wednesday due to rising concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran’s biggest ever military blow against Israel. Brent crude stood at $74.56 a barrel at 0330 GMT (7.30am UAE time).
Top ministers from the Organisation of the Petroleum Exporting Countries and allies led by Russia, or Opec+ as the group is known, will hold an online joint ministerial monitoring committee (JMMC) meeting on Wednesday at 1200 GMT (4pm UAE time).
Oil prices have fallen in 2024, with Brent crude last month slipping below $70 a barrel for the first time since 2021, pressured by concern about global demand and rising supply outside Opec+.
Opec+ has cut output by around 5.7% of global demand in a series of steps agreed since late 2022.
The JMMC meeting on Wednesday is unlikely to recommend any changes to a current plan to start unwinding some cuts from December, five sources from the producer group told Reuters.