UAE energy minister says ready to help alleviate any oil supply shortage | Reuters:
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday that OPEC will aim to adhere to the group’s “overall conformity levels” for the rest of 2018 and that the UAE is ready to help alleviate any oil possible supply shortage.
“OPEC will, from July 1st, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation,” Mazrouei, who holds the OPEC presidency for 2018, said in a statement. The joint OPEC and non-OPEC producers’ committees will monitor overall compliance, he added.
“OPEC and non-OPEC countries participating in the Declaration of Cooperation remain unwavering in their commitment to contribute to market stability, in the interests of producers, consumers and the global economy,” Mazrouei said.
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