The United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei said that it is “important to keep balance on the market” when asked if the OPEC and its allies should ramp up oil production more than what is planned.

This comes after Russian Energy Minister Alexander Novak met with his UAE’s counterpart earlier this week to discuss bilateral cooperation and the future of hydrogen.

Market reaction

WTI remains unfazed by the above comments, keeping its range around $80.50, higher by 0.56% on the day.