Oil Markets Are Balanced, But Gas Isn’t, UAE’s Mazrouei Says

Supply commitments by the Organization of Petroleum Exporting Countries and its allies have helped avoid large swings in the oil market, he said in Abu Dhabi Monday. The 23-nation OPEC+ group agreed to collectively reduce supplies by 2 million barrels a day from November, and then hold steady for the rest of this year.

Brent crude, the global benchmark, has increased 7.4% in the past month. Gas futures in Europe have halved in the period as mild weather and strong supplies ease the biggest energy crisis in decades.

OPEC+’s Joint Ministerial Monitoring Committee is scheduled to meet on Feb. 1 to discuss market developments. A full meeting isn’t meant to happen until June, though ministers have said they can meet earlier if needed.