Higher oil prices backed by market fundamentals: UAE’s Al-Mazroui

The current rise in oil prices is supported by strong demand growth and a decline in oversupply due to the OPEC and non-OPEC output cut deal, Reuters reported, citing the United Arab Emirates' Energy Minister, Suhail Al-Mazroui.

“We don’t look at the price in a day and say we are in a point where we need to do changes. We need to give the market time,” Al-Mazroui, who holds the OPEC presidency, was quoted as saying.

“I don’t think any fundamentals have changed for us to consider (a change in the output agreement) or panic,” he told an industry conference.