Global oil market closer to rebalancing, says Al Mazrouei

Suhail Al Mazrouei, UAE Minister of Energy and OPEC’s president for 2018, said that the oil market is closer to becoming rebalanced, driven by the output-cut deal between the oil producers group and its allies.

“Looking ahead, I remain optimistic that we will fulfil our goal of delivering sustainable oil market stability, which is intended to serve the long-term interests of producers, consumers and the global economy," Al Mazrouei said in a statement published by state news agency WAM.

Central to this optimism is the unprecedented level of cooperation and conformity from OPEC and its partners to the production adjustments that were promised under the ‘declaration of cooperation,’ he said.

Meanwhile, a ministry statement said that the concerns expressed by some importing countries regarding potential shortages in the global oil market will be addressed during OPEC’s upcoming meeting on June 22.

“We will discuss and agree on our plans for the remainder of 2018, and beyond,” Al Mazrouei added.