UAE warns against focusing on short-term oil prices

摘要

The UAE's energy minister Suhail al Mazrouei warned against focusing on short-term oil price dynamics during the ADIPEC oil industry event in Abu Dhabi Oct.2.”The last thing we want is to lose the demand.We,as producers,care a lot that the price is right for consumers.But right for consumers for a very limited time is very short-sighted,”Mazrouei said.Oil prices have risen significantly in recent months,as the biggest OPEC+ producers Russia and Saudi Arabia implement significant supply cuts amid concerns about Chinese and European demand.Platts assessed Dated Brent at $96.325/b on Sept.29,according to S&P Global Commodity Insights data.Mazrouei said the OPEC+ producer group was doing its best to maintain a healthy supply and demand balance,but underinvestment was a key issue.