UAE, Sudan express support for Saudi comments on OPEC oil cuts

The United Arab Emirates and Sudan have expressed their support for comments made by Saudi Arabia regarding the possibility of introducing production cuts to balance an oil market it described as schizophrenic, Reuters reported.

Sudan Eenergy and Petroleum Minister Mohamed Abdallah said in a statement his country supports OPEC+ efforts to maintain market stability in the face of distortions and volatility.

He also stressed the importance of the statement “that was made… by the Saudi energy minister about market instability and volatility of prices.”

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Sudan, which is a member of OPEC+, also expressed its full support for the mechanism formulated under OPEC+ alliance “which provided the necessary tools, inducing adjusting oil production, to attend to all market challenges,” the statement added.

Iraq, Algeria, Libya, Kazakhstan, Azerbaijan, Venezuela, Congo and Equatorial Guinea have all made similar statements ahead of a 5 September meeting of OPEC+, which unites members of the Organisation of the Petroleum Exporting Countries and other producers including Russia.