[Abu Dhabi 8th Reuters]-United Arab Emirates (UAE) Masului Energy and Industry Minister is strong on the 8th, Member States of the Organization of Petroleum Exporting Countries (OPEC) and non-member oil producing countries achieve a balance of supply and demand in the oil market He said he was determined.
He said at a press conference that he was not concerned about the current price of crude oil, but rather about the level of crude oil stocks, when asked about the possibility of further significant reductions in production.
He pointed out that tensions over politics and international trade had a greater impact on the market than supply and demand. At the same time, he denied the possibility of taking immediate action in response to trade disputes between the US and China.
Mr. Maslui then replied to Reuters: “It is not until the tensions are intensifying that the fear of declining demand will become a reality, and I hope that is not the case.”
The OPEC Plus Joint Ministerial Monitoring Committee (JMMC), which includes OPEC and Russia, will be held in Abu Dhabi on the 12th.
Mr. Maslui expressed that UAE will support OPEC Plus if OPEC Plus decides to reduce production further by consensus. He stressed that the current reduction in production agreement is fully implemented.