OPEC+ Holds Capacity to Raise Output Backed by Market Demand

The OPEC+ has the capacity to expand crude oil supply if the is demand, according to United Arab Emirates (UAE), a key member of the OPEC alliance.

In an interview facilitated by Reuters, Suhail al-Mazrouei- UAE’s Energy Minister noted the UAE has the capacity to boost supply of crude oil if there is demand in the market and the OPEC+ members endorses it.

Earlier the OPEC+ alliance ignored call from U.S. to raise monthly output and maintained output hike of 400,000 barrel a day.

Russia’s Energy Minister Alexander Novak earlier said, the OPEC+ is committed to ensure market stability and in case of sharp spike in demand the group has sufficient tools to deal with such accelerated demand.

Oil price is little unchanged today with Brent trading at 83.79 up by 0.43% and WTI trading at 82.37 inching up by 0.51%.

*Price quotations are as of Thailand time 17:55 hours.