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Oil producers committed to balancing market, says UAE energy minister
[ABU DHABI] United Arab Emirates' Minister of Energy and Industry Suhail al-Mazrouei said on Sunday that Opec and non-Opec producers are "committed" to achieving oil market balance.
Asked about possible deeper production cuts, the minister told a news conference in Abu Dhabi that he was not concerned about current oil prices, rather the level of oil inventories.
Politics and global trade tensions are affecting the market more than demand and supply, Mr Mazrouei said, but he was quick to rule out hasty steps influenced by the trade war between the United States and China. "The fear of slower (oil) demand is only going to happen if that tension is escalating and I am personally hopeful that is not the case," Mr Mazrouei told Reuters later on Sunday.
The joint ministerial monitoring committee meeting, known as JMMC, will be held on Thursday in Abu Dhabi.
Saudi Arabia and Russia are members of the JMMC, which includes other major oil producers who took part in a global supply pact last year, including Iraq, the United Arab Emirates (UAE), Kuwait, Nigeria and Kazakhstan.
Mr Mazrouei said the UAE will support any decision taken in consensus within Opec and its allies on further oil production cuts, emphasising his country's full compliance with the existing deal.