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The United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei said in a statement on Sunday, that they back the case for an emergency meeting of OPEC+ and other producers, as proposed by Saudi Arabia.

Key quotes

“A joint and combined effort by all oil-producing countries is required, not only the group of OPEC+ countries.”

“The UAE is confident that, if an agreement can be reached, all producing countries will work quickly and cooperatively to address the weak demand for oil in global markets, helping to rebalance the market and maintain global oil inventories at reasonable levels.”

Oil on the road to recovery

With the risk-on sentiment picking up pace, oil prices are extending a recovery from the early slump. The above comments also ease the pain in the black gold. WTI now trades at 26.75, down 5.70%, although up from the daily low of 25.41.