UAE Energy Minister: Oil market in good condition, inventories drawdown stopped
United Arab Emirates (UAE) Energy Minister Suhail Mazrouei on Sunday positively assessed the situation on the oil market, noting increase in production.
"Looking at the market we have seen stabilization of inventories, which is good. We stopped the drawdown. There is a small build-up around 7-8 million [barrels] above the five-year average," Mazrouei said before the JMMC meeting, Sputnik reports.
He also expressed hope for a productive JMMC meeting.
"The market is in good condition. I am expecting the meeting and the report to be good. We still have a job to be completed, we will look at the report and based on fundamentals we will make our recommendation," Mazrouei stressed.
The minister noted that his country had enough spare capacity to compensate oil shortage on the market, pledging that the UAE would not overproduce.
"Talking about my country, we have spare capacity and we are doing it, we will not overdo it, we monitor the inventories and production from other countries, we will listen to it today," he added.