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11/17/2021, 2:37 PM (Source: TeleTrader)
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UAE energy minister calls for calm, trust in OPEC

United Arab Emirates energy minister Suhail al-Mazrouei called for calm on Wednesday and encouraged people to trust that the Organization of Petroleum Exporting Countries (OPEC) will make the right decisions on supply.

"In 2022, we expect that growth in production from OPEC+, US tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining ... That's what the experts said, and we agree with them, in OPEC," the minister told CNBC.

Crude futures dropped more than 1% earlier on Wednesday following private data that showed US stockpiles increased by 655,000 barrels the previous week and reports that President Joe Biden is considering releasing oil from the Strategic Petroleum Reserve (SPR).

Baha Breaking the News (BBN) / IB