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UAE Energy Minister: OPEC is committed to reducing supply for the whole year
Economy News Baghdad ,
said UAE Minister of Energy, on Thursday, it is expected that the oil market is balanced in 2018 and that the Organization of the Petroleum Exporting Countries (OPEC) is committed to continue working to reduce the supply agreement until the end of this year.
"OPEC is committed to its decision when we met in November 2017, which is to continue this work for a full year," Al Mazrouei told Reuters. "Achieving full balance between oil supply and demand requires more time."
He said he expected a market balance to be achieved in 2018, but oversupply would require more time.
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