GOA: The OPEC+ bloc is taking adequate measures for the stability of the oil market, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday.

The role of OPEC+ - the Organization of the Petroleum Exporting Countries plus allies including Russia - is crucial in managing the market for the benefit of all producers and consumers, he told reporters of the bloc that pumps around 40% of the world’s crude.

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“I believe what we are doing in OPEC+ is adequate and we are addressing that (demand and supply). We are doing this on behalf of all producers around the world and for the benefit of balancing demand and supply for all the consumers as well,” he said at a meeting in India of energy ministers of the Group of 20 nations.