Market balance

UAE Energy Minister announces first quarter oil market balance

UAE Energy Minister Suhail Mohammad Al Mazroui
Image Credit: Gulf News Archives

Abu Dhabi: Energy Minister Suhail Al Mazroui said the oil market was “on the right track” and the market would quickly regain equilibrium in the first quarter of this year.

“January’s commitment levels to [an] the oil cuts were positive and we are on track to achieve [an] oil market balance. We expect a balance in the first quarter of this year, ”said Al Mazroui on the sidelines of a session of the Federal National Council yesterday.

The minister reiterated that the UAE was still 100% committed to reducing oil production.

“The United Arab Emirates currently produces 3.072 million bpd [barrels per day],” he said.

Growth in oil demand remains healthy with forecasts in the range of 1.3 to 1.5 million bpd, as supply begins to reflect the impact of production adjustments.

An estimated reduction of 1.2 million barrels per day only came into effect in January last year after the Organization of the Petroleum Exporting Countries (OPEC) and its allies reached an agreement to reduce the oil production and stimulate the market.

The UAE Minister of Energy said that global economic growth and prosperity can be based on the presence of a healthy and vibrant oil industry, operating in an environment that attracts the necessary investments that will ensure that a quantity equal supply of affordable and accessible oil is available. in a reliable and timely manner.

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