The United Arab Emirates’ energy minister on Wednesday defended OPEC and its allies’ decision to not increase oil supply to the market, despite U.S. pressure to pump more.
“I would encourage people to calm, trust us,” Suhail al-Mazrouei told CNBC’s Hadley Gamble from the Adipec energy forum in Abu Dhabi.
Al-Mazrouei said he has received calls from different countries’ ministers asking him to take action, but added that OPEC intends to “follow the facts.”
He pointed to EIA predictions that suggest an oil surplus in the first quarter of next year.
“In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining from current levels to an annual average of $72/b,” the EIA’s November report said.