The United Arab Emirates’ energy minister Suhail al-Mazrouei said on Tuesday that additional voluntary output cuts by the OPEC+ producer group were implemented to balance the oil market.
“I’m not that worried about the very short term, I think we can manage balancing the supply with demand. I’m more worried about the level of investment required for years to come,” he said. The announcement helped push oil prices sharply higher, but those gains have since been erased as fears of a global economic slowdown spook investors.
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