OPEC+ faces volatility in oil markets both in supply and demand

CAIRO, Jan 14 (Reuters) – OPEC+ is facing “volatile prospects” in oil markets both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday.

He said this was due to European sanctions on Russian crude going into effect in addition to China’s lifting its “zero-COVID” policy.

OPEC+ production capacity was down 3.7 mln bpd due to less investments in oil sector, Al-Mazrouei said.

He also said UAE is taking preemptive steps to compensate less oil production capacity in some countries.