The decision to cut oil production does not threaten the oil market. Market interest will stop and go on. The UAE Minister of Energy said the world is facing other crises.
The United States blamed OPEC and non-OPEC countries’ decision to cut production starting in November, which will have a huge impact on the oil market. In this situation, the explanation of the oil producing countries, including the UAE, is that there is no point in worrying unnecessarily.
UAE Minister of Energy and Infrastructure Suhail Al Mazrui said they are moving forward by monitoring market interest. He also pointed out that the world is facing other crises besides just oil. The balance of the oil market is the goal of all producing countries, including the United Arab Emirates. At the same time, the minister added that countries, including the UAE, are following the approach of investing more in non-traditional energy sectors. Producing countries have been reported to have begun to soften the US position vis-à-vis OPEC and non-OPEC countries.
