UAE energy minister says oil market is balancing | GulfNews.com:
"Opec (Organisation of the Petroleum Exporting Countries) is committed to its output cut agreement and will continue the deal for the rest of the year, Minister of Energy Suhail Al Mazroui said on Thursday, adding that that the market is balancing but still has some room for improvement. “We are continuing to see market correction, as we move into 2018 and we will see more correction happening. We still have 100 million (barrels of oil) that needs to be removed,” Al Mazroui said while speaking at The Gulf Intelligence UAE Energy Forum in Abu Dhabi. Crude oil is at a three-year high, with Brent trading above $69 per barrel and West Texas Intermediate at $64 per barrel on Thursday as Opec and non-Opec members cut production by about 1.8 million barrels per day to support oil prices."
'via Blog this'
No comments:
Post a Comment