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(Bloomberg) — There are no concerns about an excess of oil in the market as demand remains strong, the United Arab Emirates said a day after OPEC+ decided to halt its output increases for the first three months of next year.
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“I’m not going to talk about an oversupply scenario. I can’t see that,” UAE Energy Minister Suhail Al Mazrouei said at the Adipec conference in Abu Dhabi. “And I think all of what we are seeing is more demand.”
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The comments echo those by Saudi Aramco’s chief executive officer last week, when he dismissed concerns about a glut next year. That is despite the International Energy Agency projecting record oversupply next year, as demand growth eases while supply from OPEC+ and others such as the US, Brazil and Canada grows.
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Key members of the Organization of the Petroleum Exporting Countries and allies said on Sunday that they plan to pause output increases in the first quarter of 2026, following another modest hike for next month. The first quarter is normally a period of weaker demand, but it also comes during a time of uncertainty for the market following US sanctions on Russia’s two biggest oil producers.
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Oil prices for January in London were about 0.7% higher on Monday, following the OPEC+ decisions. They’re down about 13% this year, and Wall Street firms including Goldman Sachs Group Inc. and JPMorgan Chase & Co. predict further losses.
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UAE’s Mazrouei said that in the longer term there would be demand for more energy, including oil, gas and renewables, and investments are needed to maintain supply.
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