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Thursday, 29 June 2017

UAE energy minister says no talk about further OPEC supply cuts | Reuters

UAE energy minister says no talk about further OPEC supply cuts | Reuters:

"There is no talk of further oil output cuts by the Organization of the Petroleum Exporting Countries and its allies despite only a slow drawdown in inventories, the United Arab Emirates' energy minister said on Thursday. "I think OPEC countries and non-OPEC countries who joined us have done their part. We are looking at the others to do their part as well. We are not worried about the market recovery," Suhail bin Mohammed al-Mazroui told journalists on the sidelines of a conference in Paris. OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply curb into 2018, but oil prices have fallen on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output."



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