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Monday, Sep 26, 2022

Sudan and UAE latest OPEC+ countries to back Saudi statement on oil market

Sudan and UAE latest OPEC+ countries to back Saudi statement on oil market

Sudan’s energy and petroleum minister on Friday expressed support for comments made by his Saudi Arabian counterpart this week about the Organization of the Petroleum Exporting Countries’ readiness to intervene to restore balance in the oil market, according to Reuters.
The UAE is also aligned with Saudi Arabia’s thinking on crude oil markets and supportive of its recent comments, a source with knowledge of the matter told Reuters on Friday.

OPEC’s de facto leader Saudi Arabia on Monday flagged the possibility of introducing cuts to balance a market it described as schizophrenic.

Sudan energy and petroleum minister Mohamed Abdallah said in a statement his country supports efforts by OPEC+ — OPEC plus allies including Russia — to maintain market stability in the face of distortions and volatility.

He also stressed the importance of the statement “that was made... by the Saudi energy minister about market instability and volatility of prices”.

Sudan, which is a member of OPEC+, also expressed its full support for the mechanism formulated under OPEC+ alliance “which provided the necessary tools, inducing adjusting oil production, to attend to all market challenges,” the statement added.

Iraq, Algeria, Libya, Kazakhstan, Azerbaijan, Venezuela, Congo and Equatorial Guinea have all made similar statements ahead of a September 5 meeting of OPEC+, which unites members of the group.

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