UAE optimistic about oil market recovery

UAE committed to collective production cut

ABU DHABI¬†30 June 2017: The UAE has expected oil demand to pick up over the third and fourth quarters of 2017 despite the price fall by the end of Q2, expressing optimism over the impact of Opec’s recent decision to extend oil supply curb into 2018.

This came in statements by Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, who added that there is no need to jump to conclusions before assessing market performance in Q3 and Q4, said Wam.

The minister has affirmed the UAE’s commitment to the collective production cut, calling upon all parties concerned to abide by OPEC’s decision until the market has recovered.

By Rajive Singh