UAE energy minister: OPEC+ unlikely to change parameters of deal for 2024

OPEC+ countries are unlikely to change the parameters of the agreement for 2024; their revision will mean a new deal, UAE Energy Minister Suhail Al Mazrouei told reporters on the sidelines of the 27th international oil and gas exhibition and conference ADIPEC in Abu Dhabi, Report informs referring to TASS.

"We have already reached an agreement for the whole of 2024. We will not change anything in 2024, there are no such expectations. I think that renegotiating anything will mean a new deal," he said.

At the same time, the minister did not answer the question whether an oil price of $100 per barrel would harm the global economy and demand. "We [OPEC+] produce only 40% of the world's oil. Why don't you talk to the rest, who produce 60%? We can't blame everything on those who produce 40% [of all the world's oil]," he added.

At a meeting on June 4, OPEC+ countries agreed on oil production parameters until the end of 2024. The reduction in production from next year from the level of quotas agreed in October 2022 will amount to 1.272 million bpd.

The biggest reduction in the permitted production level will occur in Russia - it will be able to produce 9.949 million bpd, which is 529,000 bpd below the current quota. At the same time, the UAE is the only one of the alliance countries that has the opportunity to increase its permitted production level - by 200,000 bpd.