Geopolitics, not fundamentals, driving oil higher, UAE energy minister says

CAIRO: Tensions between Russia and the West are driving oil prices, rather than the kind of fundamental fuel shortage that would justify accelerated output increases from OPEC+, UAE energy minister Suhail al-Mazrouei said on Monday.
“It looks like it is not supply and demand,” he told reporters on the sidelines of the Egypt Petroleum Show. “The major hike is geopolitical tensions, that is what is causing prices to be where they are today.”
Mazrouei said monthly production increases of 400,000 barrels per day (bpd) from the Organization of the Petroleum Exporting Countries and allies led by Russia (OPEC+) have helped to meet growth in oil demand.
“If we have to do more, we have to look at fundamentals and technical data,” Mazrouei said, when asked if OPEC+ should add more oil to the market.