UAE Energy Minister: OPEC+ Doing a 'Noble' Job in Balancing Oil Market

United Arab Emirates Energy Minister, Suhail al-Mazrouei, stated on Wednesday that OPEC+ is performing a "noble" role in stabilizing the global oil market, despite not being the largest producer of oil worldwide.

"OPEC+ has sacrificed more than others, but the critical element is that it remains united," Mazrouei said during an industry event in Fujairah.

Mazrouei did not provide specific comments on the short-term outlook for oil in 2025, citing the many factors at play, including geopolitical uncertainties.

Oil prices rose by more than a dollar on Wednesday due to concerns that escalating tensions in the Middle East, especially following Iran's military strike against Israel, could disrupt crude production in the region. Brent crude reached $74.56 per barrel at 0330 GMT.

Ministers from the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, will hold an online joint ministerial monitoring committee (JMMC) meeting at 1200 GMT on Wednesday.

In 2024, oil prices have decreased, with Brent crude falling below $70 a barrel last month for the first time since 2021, largely due to concerns over global demand and increased supply from non-OPEC+ sources. OPEC+ has been cutting output since late 2022, reducing around 5.7% of global demand.