OPEC, allies ‘committed’ to balancing oil market: Al-Mazrouei

OPEC and non-OPEC producers are “committed” to achieving oil market balance, UAE Minister of Energy and Industry Suhail Al-Mazrouei said on Sunday.

“The UAE will continue to support actions that help balance the oil market, and I am confident that our OPEC and non-OPEC partners will take a similar stance,” he said in a tweet.

The United Arab Emirates remains committed to the OPEC and non-OPEC agreement, which has brought greater market balance and improved market stability.

— سهيل المزروعي (@HESuhail) August 8, 2019

In another tweet, he added: “Oil market fundamentals are good; commercial stock overhang continues to decline and demand remains healthy (despite the market’s temporary overreaction, which is driven by speculation). I am confident that OPEC+ will continue its strong compliance with agreed production levels.”

The JMMC will meet in Abu Dhabi on September 12 to review the oil market situation and make the necessary recommendations to keep the market balanced, Al-Mazrouei said.

The JMMC will meet in Abu Dhabi on the 12 September to review the oil market situation and make the necessary recommendations to keep the market balanced.

— سهيل المزروعي (@HESuhail) August 8, 2019