"We will never leave this market unattended", he said.
Futures in NY are up nearly 10% this week, despite bearish calls on the outlook from industry heavyweights such as BP Plc and Trafigura Group to the International Energy Administration.
Yesterday, a technical Opec+ panel, known as the JTC, met to review the compliance of the oil exporting group which was 101 per cent of the agreed target in August, according to Opec sources and the document seen by Reuters.
The meeting, known as the Joint Ministerial Monitoring Committee (JMMC), is expected to start at 1200 GMT, OPEC+ sources said. The market is still contending with an uneven recovery in consumption, with OPEC+ seeing a risk to demand from a second wave of the outbreak, urging members to be proactive and ready to take further action.
The minister lashed out at members who were not complying, saying they were bringing "harm to our reputation and credibility" without naming names.
While Mazrouei has admitted to a small excess in production, tanker-tracking data revealed the country was exporting far in excess of its output limit.
He added that non-compliance weakens the collective goals of OPEC and that attempts to "outsmart" the energy market would fail.Читайте также: Coronavirus death toll linked to ME wedding grows to 7
The UAE's over-production was about 520,000 barrels a day in August, according to the IEA. OPEC+ previously met in July.
The strategy has largely paid off.
Even though the OPEC+ states will unlikely increase production cuts this month, which now stand at 7.7 million barrels per day (mbd), the situation in the energy market this month has been cheerless due to the worsening demand forecasts and modest energy prices.
"We must strive to put the compensation scheme behind us and implement it before year end", said Prince Abdulaziz.
"You have to hand it to Prince Abdulaziz", said Harry Tchilinguirian, head of commodities strategy at BNP Paribas SA.
COVID-19 created a drop in oil demand this year, and this along with a price war between Saudi Arabia - the largest producer in OPEC - and Russian Federation led to a supply glut and a massive drop in oil prices. Yet, as central bankers around the world have learned over the last several weeks, the market can turn against them and force their hand.
"We see how hard the recovery to the pre-crisis levels is, the outlooks for recovery of the global GDP and oil demand are being revised", Russian Energy Minister Alexander Novak said in his opening speech.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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