UAE: Increasing oil production is hurting Opec's efforts
UAE Minister of Energy Suhail Al Mazroui announced that any increase in short-term oil production would hurt the market.
Al-Mazrouei said in a television interview with Al-Iktissad News, "Shale oil is one of the main and important oil in the market, and the increase in its production in a short period harms the balance of the market and harms what we do in OPEC," adding that "rock oil will not compensate for the reduction of production In oil, which was done by OPEC and members from outside months ago. "
Al Mazrouei expressed his optimism about the growth of demand for oil, noting that "global demand for oil will rise in the second half of 2017."
"The UAE is committed to the levels of oil production reduction," he said. "It is too early to talk about further cuts in production levels."