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Al Mazrouei: The OPEC + discusses ways to stabilize the market in Abu Dhabi
Suhail Mohammed Faraj Al Mazrouei, Minister of Energy and Industry, said that the joint ministerial follow-up committee of the Organization of Petroleum Exporting Countries and non-oil producers of the United States of America. OPEC would meet in Abu Dhabi on September 12 to review the oil market situation and make recommendations to maintain the balance and stability of global oil markets.
He said in a tweet that the UAE continued to support measures to balance the oil market, and he was confident that "the OPEC" and its partners would take similar measures.
Al Mazrouei said the fundamentals were good, "global oil stocks are falling and demand is still at good levels", despite a "temporary correction" of the speculative market.
"I am confident that OPEC + will continue its strong commitment to achieving agreed production levels."
In July, OPEC and its allies led by Russia agreed to extend reductions in their oil production until March 2020 in order to support crude prices, while the global economy s & # 39; It was weakening and production in the United States was increasing.
"The UAE continues to respect the agreement of OPEC and the producers outside it who have achieved a better balance in the market," he said.
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