Comments by UAE energy minister, Suhail Al Mazrouei
- OPEC+ will respond if necessary to US-Iran tensions
- World economy cannot sustain oil at $100 per barrel
- Middle East leaders are working for calm
He also tries to ease the focus on geopolitical tensions by claiming that OPEC compliance numbers are looking better in December, pointing to better compliance by Iraq and Nigeria – two countries which haven’t really been playing ball previously.
If anything else, I think they can be a little happy with oil at around $70 but if it starts to trigger shale producers to go into overdrive, it’ll be a bad spot for oil supply in the big picture once geopolitical tensions start to die down.