UAE EnergyMin: New OPEC+ agreement essential to support oil market

"We are disappointed that no agreement was reached by OPEC + and the current declaration of cooperation will, therefore, expire at the end of March 2020," United Arab Emirates' energy minister Suhail al-Mazrouei tweeted out on Wednesday.

"OPEC and OPEC+ played an important role in delivering market stability. The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market," al-Mazrouei added.

Crude oil reaction

The barrel West Texas Intermediate (WTI) failed to stage a rebound on these comments and was last seen trading at $33.15, down 4.7% on the day.