The United Arab Emirates has dismissed fears of an impending oil glut, saying global demand remains steady even as OPEC+ members move cautiously on supply increases.

Speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on Monday, UAE Energy Minister Suhail Al Mazrouei said he sees no signs of oversupply in the oil market despite projections from some analysts and the International Energy Agency (IEA).

“I don’t see an oversupply scenario,” Al Mazrouei said, noting that global demand remains robust across major economies.

His comments came a day after OPEC+ members agreed to pause their plan to unwind production cuts during the first quarter of 2026. The decision follows a modest output increase scheduled for December and reflects typical seasonal weakness in oil consumption early in the year.

OPEC’s latest forecast remains optimistic, projecting global oil demand to grow by 1.3 million barrels per day (bpd) in 2025 to reach about 105.1 million bpd. The group expects most of this growth to come from China, India, and other Asian markets, citing strong economic momentum. Demand is projected to rise by another 1.4 million bpd in 2026.

The IEA, however, has offered a more cautious outlook, warning of a potential supply surplus early next year due to rising production from both OPEC+ and non-OPEC countries.

Despite those concerns, the UAE remains confident that oil demand will stay firm, aligning with other OPEC members’ recent statements emphasizing stability and continued consumption growth.

Oil prices dipped slightly on Monday, with Brent crude trading around $64.66 per barrel and WTI at $60.83, as traders weighed OPEC+’s latest move and ongoing market uncertainty.