UAE Sees No Logic in It Pumping More Oil Now, Says Energy Minister

The minister said OPEC+ would meet on Dec. 2 and base decisions on "balance of supply and demand".

Hadeel Al Sayegh, Reuters

The United Arab Emirates energy minister said on Nov. 23 he saw no logic in the Gulf OPEC producer supplying more oil to global markets when all indicators pointed to a supply surplus in the first quarter of next year.

Suhail Al-Mazrouei, speaking to reporters, also described as a "state matter" moves by the United States to release crude oil from its strategic reserves in coordination with major Asian energy consumers in a bid to lower energy prices.

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