UAE says no oil oversupply woes after Opec+ decision to pause output hikes

IMPACT ASSESSMENT

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There are no concerns about an excess of oil in the market as demand remains strong, the UAE said a day after Opec+ decided to halt its output increases for the first three months of next year.

“I’m not going to talk about an oversupply scenario. I can’t see that,” Suhail Mohammad Al Mazrouei, UAE Minister of Energy and Infrastructure, said at the Adipec conference in Abu Dhabi. “And I think all of what we are seeing is more demand.”