UAE oil minister says correction not over yet - Gulf Business
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UAE oil minister says correction not over yet

UAE oil minister says correction not over yet

The minister was upbeat as he noted that the supply glut in the market has reduced significantly.

UAE Oil Minister Suhail bin Mohammed al-Mazroui said that he expected the market to stabilise soon but cautioned that all countries might need to wait till the end of the year to get a clear picture of the supply-demand balance in the oil market.

Speaking at the OPEC International Seminar in Vienna on Wednesday, he said: ”We are optimistic about this meeting (OPEC) and we have seen a very good move on the correction … the most important thing is that the world economy is growing as we predicted. We are comfortable with the move so far from the last meeting till today.”

“Demand is increasing, the correction is there … it is not over yet, this correction, it is going to take time.”

“We need to wait till the end of the year to see what’s happening to the supply-and-demand balance. But definitely the glut in the market has decreased significantly. And we are optimistic.”

Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Friday in Vienna.

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