Oil market news: IEA Chief Barol highlights China, UAE Energy Minister praises OPEC+ moves

International Energy Agency (IEA) Executive Director Fatih Barol and United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei talked down the hopes of witnessing any major Oil market moves while speaking at the Group of 20 (G20) energy ministers’ meeting held in India.

UAE Energy Minister highlighted the OPEC+ role and praised the cartel’s current moves while speaking at the G20 event on Friday stated Reuters. The Arab diplomat also ruled out any surprise moves from the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, collectively known as OPEC+.

On Saturday, IEA Chief Barol said, per Reuters, that the group sees tightening in the Oil market during the second half (H2) of 2023. However, the Oil market influencer appeared mostly indecisive as he highlighted the need for China’s demand pick-up to revise the energy demand forecasts and vice versa, despite defending a previous statement suggesting tighter markets in H2 2023.

Market reaction

The news fails to inspire Oil buyers as the WTI retreats from a three-month high marked the previous day to $76.55, down 0.24% intraday, amid early hours of Monday’s Asian session.

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