The United Arab Emirates has expressed no concerns about oversupply in the oil market.

The United Arab Emirates stated that they are not worried about oversupply in the oil market as demand remains strong. Earlier, OPEC+ decided to pause production increases in the first quarter of next year. "I will not discuss the scenario of oversupply. I do not anticipate this situation happening," said UAE Energy Minister Suhail Al Mazrouei at the Abu Dhabi International Petroleum Exhibition. "I believe everything we are currently seeing indicates that demand is growing." These comments echo the statements made by the CEO of Saudi Aramco last week, where he downplayed concerns about possible oversupply next year. The International Energy Agency predicts a record oversupply next year due to slowing demand growth, while at the same time, supply from OPEC+ and countries such as the US, Brazil, and Canada is increasing.