OPEC+ is facing “volatile prospects” in oil markets, both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday, APA reports citing Reuters.
He said this was due to European sanctions on Russian crude going into effect in addition to China’s lifting its “zero-COVID” policy.
OPEC+ production capacity was down 3.7 mln bpd due to less investments in the oil sector, Al-Mazrouei said.
He also said UAE is taking preemptive steps to compensate less oil production capacity in some countries.
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