UAE says current OPEC+ actions to support the oil price are sufficient at present

<p>The UAE Energy Minister Suhail al-Mazrouei spoke on Friday in Goa, India, where he is attending G20 energy ministerial meetings, His comments were reported over the weekend:</p><ul><li>Current actions by OPEC+ to support the oil market are sufficient for now</li><li>"What we are doing is sufficient as we say today," </li><li>"But we are constantly meeting and if there is a requirement to do anything else then during those meetings, we will pick it up. We are always a phone call away from each other." </li></ul><p>At its most recent meeting OPEC+ continued its agreement to limit supply into 2024 and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.</p><p>Coming up:</p><ul><li> the next OPEC+ policy meeting is scheduled for November</li><li>OPEC's Joint Ministerial Monitoring Committee holds an online meeting on August 4 to review the market<ul><li><a href="https://www.forexlive.com/news/oil-traders-heads-up-opec-panel-jmmc-meeting-shifted-a-day-later-to-august-3-20230721/" target="_blank" rel="follow">Oil traders heads up: OPEC+ panel (JMMC) meeting shifted a day later (to August 4)</a></li></ul></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.