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.