Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

OPEC's secretary general, UAE energy minister say tough times ahead for oil markets

Commodities | Agriculture | Grains | Energy | Electric Power | LNG | Natural Gas | Oil | Crude Oil | Metals | Coronavirus

Market Movers Americas, June 29-July 3: Rig count rises, but pandemic continues to pressure US commodities

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Oil | Crude Oil | Petrochemicals

Asia crude - Key market indicators this week

OPEC's secretary general, UAE energy minister say tough times ahead for oil markets

Highlights

"We are not out of woods yet," says OPEC's Barkindo

OPEC+ in midst of a record output cut

JMMC meets next on July 15

Dubai — Tough times still lie ahead for oil markets despite OPEC+ coalition's implementation of a historic production cut that began in May and has been extended into July, the secretary general of OPEC and the UAE energy minister said June 29.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"Although we are not yet out of the woods, but we have proven together with our partners in non-OPEC...that multilateralism is irreplaceable especially in our diverse world of energy that is sometimes punctuated with geopolitics," OPEC secretary general Mohammed Barkindo told a webinar organized by the Canada-UAE Business Council.

The 23-member coalition of OPEC+ are in the midst of a record 9.7 million b/d cut that started in May and was extended till July, excluding Mexico's 100,000 b/d cut. The output curbs will gradually ease after July through to April 2022. The OPEC+ Joint Ministerial Monitoring Committee, which is now meeting monthly, convenes next on July 15, with a delegate-level technical meeting held the day before.

Tough times

UAE, OPEC's third largest oil producer, is also cutting an extra 100,000 b/d in June, joining Saudi Arabia, Kuwait and Oman in implementing cuts on top of their OPEC+ commitments this month to help rebalance the market.

Suhail al-Mazrouei, the UAE energy minister, told the webinar these remain tough times for the oil industry, but that the oil markets are rebounding.

"No one predicted, even after we announced the [9.7 million b/d] cut that the market will quickly rebound to where we are today," he said.

"We are all keen to produce our barrels to contribute to our economy but we need to do it at the right pace and at the right time."