OPEC+ actions are sufficient for the market, but the group is ready for additional steps

(Added Russian production tracking details)

GOA, India, July 21 (Reuters)

OPEC+’s current efforts to support the oil market are sufficient, but the alliance stands ready to respond quickly if further steps are needed and will continue to develop a mechanism to monitor Russian production, said United Arab Emirates (UAE) Energy Minister Suheil al-Mazrui.

He did not discuss the details of this mechanism.

OPEC+, to which Russia belongs, produces about 40% of world oil production. The Group is reducing raw material supplies from the end of 2022 to support the market.

“What we are doing is sufficient as we believe today,” the minister, who visited India’s Goa as part of a G20 ministerial meeting, told Reuters.

According to al-Mazrui, he is not so much worried about the demand for oil as about the decline in investment in industry.

The next OPEC+ political meeting will not take place until November, although a group of key ministers will meet on August 4 to review the market.

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(Nidhi Verma and Alex Lawler)