Oil Market In Good Condition, Inventories Drawdown Stopped - UAE Energy Minister
Sumaira FH Published September 23, 2018 | 02:30 PM
ALGIERS (UrduPoint News / Sputnik - 23rd September, 2018) United Arab Emirates (UAE) Energy Minister Suhail Mazrouei on Sunday positively assessed the situation on the oil market, noting increase in production.
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) is discussing the implementation of a recently-agreed production boost of 1 million barrels per day in Algiers on Sunday.
"Looking at the market we have seen stabilization of inventories, which is good. We stopped the drawdown. There is a small build-up around 7-8 million [barrels] above the five-year average," Mazrouei said before the JMMC meeting.
He also expressed hope for a productive JMMC meeting.
"The market is in good condition. I am expecting the meeting and the report to be good. We still have a job to be completed, we will look at the report and based on fundamentals we will make our recommendation," Mazrouei stressed.
The minister noted that his country had enough spare capacity to compensate oil shortage on the market, pledging that the UAE would not overproduce.
"Talking about my country, we have spare capacity and we are doing it, we will not overdo it, we monitor the inventories and production from other countries, we will listen to it today," he added.
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From Business
-
Pakistan aims to agree outline of new IMF loan in May - Finance Minister
4 hours ago -
FTO commends FBR's role for prompt resolution of tax payers’ issues
4 hours ago -
BISP embraces E-procurement: launches inaugural tender
6 hours ago -
Business community indebted to Ahsan Zafar for his unprecedented services: Yousuf Rajput
6 hours ago -
China auto sector steps up Europe push with Spain plant
6 hours ago -
Condolence reference held in memory of FBR's officials
7 hours ago
-
Health activists ring alarm bells over 10-stick cigarette pack
8 hours ago -
Karachi receives maiden direct flight of Azerbaijan Airlines from Baku
8 hours ago -
PSX turns bullish, gains 619 points
8 hours ago -
Rupee bounces back; gains 13 paisa against dollar
8 hours ago -
Partners join hands for alternate use of marble, granite slury
8 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
10 hours ago