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UAE energy minister Suhail al-Mazrouei told Asharq TV that OPEC+ is facing "volatile prospects" in oil markets both in supply and demand. He said this was due to European sanctions on Russian crude taking effect in addition to China lifting its "zero-COVID" policy, and that the UAE is taking preemptive steps to compensate for the reduced oil production capacity in some countries by bringing forward its five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030. 

UAE Energy Minister: OPEC+ Faces Oil Market Volatility In Both Supply And Demand

UAE energy minister Suhail al-Mazrouei told Asharq TV that OPEC+ is facing “volatile prospects” in oil markets both in supply and demand. He said this was due to European sanctions on Russian crude taking effect in addition to China lifting its “zero-COVID” policy, and that the UAE is taking preemptive steps to compensate for the reduced oil production capacity in some countries by bringing forward its five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030. 

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