The decisions made by OPEC+ demonstrate that the alliance understands the state and needs of the oil market better than others, said the Minister of Energy of the United Arab Emirates, Suhail Al Mazrouei, during the 9th OPEC International Seminar, APA-Economics reports, citing TASS.
“These decisions show that the group (OPEC+) understands the market better than others. We understand the market and recognize its needs. Our decisions are based precisely on these needs,” he emphasized.
Recall that eight countries within the OPEC+ agreement, which had voluntarily reduced oil production, agreed at the meeting held on July 5 to increase daily oil production by 548,000 barrels per day in August.
Recall that eight countries in the OPEC+ alliance (Russia, Saudi Arabia, Iraq, UAE, Kazakhstan, Algeria, Oman, and Kuwait) had been voluntarily reducing oil production by a total of 2.2 million barrels per day since the beginning of 2024. Starting from April 2025, they began gradually returning the reduced barrels to the market. In April, the “group of eight” increased daily production by 138,000 barrels, and from May to July, they accelerated the pace, raising output by 411,000 barrels each month.
Note that OPEC+ is an initiative that includes OPEC and non-OPEC countries aimed at reducing oil production.
Azerbaijan is also a participant in the OPEC+ agreement.
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