No need for OPEC to change course on output plan for now

The United Arab Emirates (UAE) Energy Minister Suhail Mohamed Al Mazrouei said on Tuesday, there is “no need for OPEC to change course on output plan for now.”

“OPEC is not concerned about supply surplus next year,” he added.

Market reaction

WTI shrugs off the above comments, as it rebounds 1.75% on a daily basis, currently trading at $71.35. Oil price remains underpinned by expectations of US supply tightness after the storm.