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OPEC+ unlikely to pump more oil than market can handle

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OPEC+ is unlikely to pump more oil than the market can handle, says the United Arab Emirates’ energy minister Suhail Mohamed Al Mazrouei.

Suhail al-Mazrouei on Tuesday told Forbes Middle East in an interview  when asked about possible scenarios for the OPEC+ meeting on April 1, that “I don’t think there is an idea to pump a lot of oil, more than the market can handle”.

OPEC+ compliance with oil production cuts in February rose to 113%, two OPEC+ sources from the producer group told Reuters on Monday.

The figure compares with a January compliance figure of 103%.

Compliance from members of the Organization of the Petroleum Exporting Countries reached 124%, a figure which includes the additional voluntary cut from Saudi Arabia, said one of the sources.

The source added that compliance from non-OPEC members in the alliance reached 94%.

Source Reuters
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