Crude Oil Down: No Need For Early OPEC+ Meeting – UAE Energy Minister

Oil prices fell on Tuesday after the United States government said it would release more crude from its Strategic Petroleum Reserve as mandated by lawmakers, defying expectations from some traders that the release could be canceled or delayed.

Brent crude futures fell by 67 cents, or 0.77 percent, to $85.94 per barrel at 09.00 a.m. Saudi time, while US crude futures fell by 93 cents, or 1.16 percent, to $79.21 per barrel.

The US Department of Energy said after the previous session ended that it would sell 26 million barrels of oil from the SPR, a release that would likely push the reserve to its lowest level since 1983.

Read Also: New Naira Notes: No Need Shifting February 10 Deadline –CBN Gov, Emefiele

There is no need for the Organization of Petroleum Exporting Countries, and its allies, known as OPEC+, to meet earlier than scheduled, the UAE energy minister said on Monday, following Russia’s announcement at the end of last week it would unilaterally cut output.

“I do not see a requirement for a meeting. The market is balanced,” Suhail Al-Mazrouei said when asked whether the OPEC+ would bring forward their next planned meeting.

Read Also: I Regret Raising Coup Alarm – Fani-Kayode Speaks After DSS Grilling

Russia said on Friday, it will cut oil production by 500,000 barrels per day next month after the West imposed price caps on Russian oil and oil products.

OPEC+ agreed in October to cut oil production targets by 2 million bpd until the end of 2023.

Read Also: I Regret Raising Coup Alarm – Fani-Kayode Speaks After DSS Grilling

An OPEC+ ministerial committee is set to meet in early April with a full ministerial meeting planned for June 4.