UAE ready to help ease any oil supply shortage: minister

OPEC plans to adhere to the group’s “overall conformity levels” for the rest of the year, United Arab Emirates energy minister Suhail Al-Mazrouei said on Tuesday, adding that the UAE is ready to help alleviate any potential oil supply shortage.

"OPEC will, from July 1st, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation," Mazrouei said, cited by Reuters.

The joint OPEC and non-OPEC producers' committees will continue to monitor overall compliance, he added.

"OPEC and non-OPEC countries participating in the Declaration of Cooperation remain unwavering in their commitment to contribute to market stability," said Mazrouei, who holds the OPEC presidency for 2018.

Last month, OPEC agreed with Russia and other oil-producing nations to hike output from July, with Saudi Arabia pledging a “measurable” supply boost.

The announcement came following a meeting between OPEC and non-OPEC members in Vienna, during which the group endorsed OPEC’s call for lowering production cuts to 100 percent compliance to the 2016 output deal.

“Countries participating in the Declaration of Cooperation (DOC) have exceeded the required level of conformity that had reached 147 percent in May 2018,” OPEC said in a statement following the meeting of the 24 countries.

Accordingly, returning to 100 percent compliance would increase output by around 1 million barrels per day, OPEC officials said.