UAE oil minister expects market supply to stabilise

The market will oblige all (producers) not to reduce but to stabilise their output levels, Mazrouei, whose country is a key OPEC producer, told satellite news channel Sky News Arabia.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney SME Special
moneycontrol.com

Home » News » Economy

Feb 13, 2016, 02.10 PM | Source: PTI

UAE oil minister expects market supply to 'stabilise'

"The market will oblige all (producers) not to reduce but to stabilise their output levels," Mazrouei, whose country is a key OPEC producer, told satellite news channel Sky News Arabia.

Like this story, share it with millions of investors on M3

UAE oil minister expects market supply to stabilise

"The market will oblige all (producers) not to reduce but to stabilise their output levels," Mazrouei, whose country is a key OPEC producer, told satellite news channel Sky News Arabia.

Post Your Comments

Share Cancel

UAE oil minister expects market supply to stabilise
Emirati Oil Minister Suhail al-Mazrouei said he expects supply levels on world markets to "stabilise", easing pressure on crumbling prices.

"The market will oblige all (producers) not to reduce but to stabilise their output levels," Mazrouei, whose country is a key OPEC producer, told satellite news channel Sky News Arabia.

He expected world demand for crude to rise this year by 1.3 million barrels per day (bpd) and also said it was "possible" that supplies from non-OPEC producers fall by 500,000 bpd.

Producers could fall short of the 1.8 million bpd gap because "several countries have suspended investments" needed to boost output capacity, the United Arab Emirates minister said.

Mazrouei said he was "optimistic over a return of stability" on the market, without specifying what action the OPEC cartel or its members would take.

Oil surged today on world markets, following a report in the Wall Street Journal quoting Mazrouei as saying the Organization of the Petroleum Exporting Countries was willing to cooperate with other producers on trimming the global crude supply glut.

That was reportedly based on a reporter's tweet of the minister's interview with Sky News Arabia.

In today deals, Brent North Sea crude for delivery in April jumped USD 1.60, or 5.3 per cent, to USD 31.66 a barrel.

US benchmark West Texas Intermediate for March was up USD 1.30, or 5.0 per cent, at USD 27.50 a barrel compared with yesterday's close.

WTI had yesterday settled at USD 26.21 - the lowest close since May 2003.

Some market analysts said the support for oil prices mirrored a recovery across European stock markets rather than the Wall Street Journal report.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
UAE oil minister expects market supply to stabilise

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login