(Bloomberg) -- Voluntary cuts to oil supply should be enough to balance the market, the United Arab Emirates' energy minister said.
Current oil supply is sufficient to cover demand, which is set to run at a high pace of about 2% this year, Suhail Al Mazrouei told Bloomberg TV in an interview. He said there has been no request forthe UAE to undertake voluntary output cuts — such as have been carried out by the likes of Saudi Arabia.
“What has been done is adequate for the time being,” he said of the voluntary cuts. “There was no call for a collective effort.”
The UAE has long argued that its burgeoning oil production capacity meant the country needed to be allowed to pump more its current OPEC+ quotas permit. The group will likely tweak those thresholds in 2025 to address disparities between different countries, he said.
READ: UAE Will Not Join Voluntary Oil Cuts at Present Time: Minister
Mazrouei said he felt optimistic about the fate of the oil market for the remainder of 2024 given that current supply is covering demand.
(Updates with quote from Mazrouei in third paragraph.)
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