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Rebalancing oil market will take more time: UAE

Energy minister says his country is complying 100% with agreement to cut output

Published Tue, Apr 18, 2017 · 09:50 PM
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Dubai

DRAINING a global oil glut will take more time despite an improvement in oil market fundamentals since producers started cutting supplies, the energy minister of the United Arab Emirates (UAE) said on Tuesday.

"It will take time ... It took us from mid-2014 to now. We are correcting but that correction will take time," Suhail bin Mohammed al-Mazroui said in an interview at an event marking the 150th anniversary of Thomson Reuters in the Middle East.

"I believe that generally the market is correcting itself. We have healthy demand growth this year compared to the previous years. There is a demand growth and stocks will go down ... That difference …

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