A few days before OPEC’S biannual meeting, UAE’s Energy Minister, Suhail al Mazruei, said the oil market is adjusting its direction towards a
price that is fair for consumers and producers.
The minister stated that
the market has been correcting upward since the beginning of the year”
with a price increase of 80% since January.
The market rules, supply and demand, are working, and I think that is the essence of this policy,”
added Al Mazruei, referring to the initiative piloted by Saudi Arabia to avoid cutting or freezing production.
Nigerian Minister, Emmanuel Ibe Kachikwu, also said upon arriving in Vienna that the market is good, finding that prices are rising.
Saudi Arabia, the largest producer and most influential OPEC member, has been the defender of this policy, aiming to defend market share and not price levels, as it did in the past.