OPEC promises to compensate U.S. sanctions on Iran

OPEC promises to compensate U.S. sanctions on Iran

OPEC is more focused on identifying the right level of oil inventory at its next meeting than the impact on supplies of new U.S. sanctions on Iran, UAE energy minister Suhail bin Mohammed al-Mazroui said.

"That’s not what we are concerned about now. What we are concerned about in the next (OPEC) meeting is what is the right level of inventory that we should see, and (how) can we put this group together for longer," Reuters cited him as saying.

Mazroui said there was no reason to worry about supply, adding that this was not the first time an OPEC member had been in such a situation.

"We managed to solve the supply issue but we still believe we have the buffer (in oil supplies)... We will meet in June to discuss it," he added.

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