UAE Energy Minister Happy With OPEC-Non-OPEC Compliance With Output Cuts, Sees Stocks Up

The United Arab Emirates is pleased with the compliance of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers with the deal to cut oil output, UAE Energy Minister Suhail Mazrouei told journalists on Saturday

JEDDAH (UrduPoint News / Sputnik - 18th May, 2019) The United Arab Emirates is pleased with the compliance of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers with the deal to cut oil output, UAE Energy Minister Suhail Mazrouei told journalists on Saturday.

"From the report, things are excellent ... I'm happy with the [OPEC-non-OPEC] compliance rate. The UAE compliance rate is excellent," the minister said.

According to the International Energy Agency (IEA) report published on Wednesday, OPEC states' compliance with the deal stood at 131 percent in April, while non-cartel participants' compliance amounted to 151 percent.

However, oil stocks are still on the rise, Mazrouei noted.

"We are still seeing some inventory build-up and we need to attend to it. This is probably a continuation until we see a true balance in the market," he said.

According to the OPEC monthly report published on Tuesday, commercial oil stocks of the member states of the Organisation for Economic Cooperation and Development (OECD) rose by 3.3 million barrels month-on-month by late March and were 22.8 million barrels above five-year average.