ALSO READUAE energy minister says OPEC committed to supply cut pact for full year UAE energy minister says not concerned with current oil price UAE confident world oil market will balance out in 2018 Poll - Supply discipline and demand to prop up oil prices in 2018 Moody's: Global oil industry to focus on disciplined investment, M&A for growth in 2018
ABU DHABI (Reuters) - The current rise in oil prices is backed by strong demand growth and a fall in oversupply on the back of the OPEC-led supply cut pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday.
"We don't look at the price in a day and say we are in a point where we need to do changes. We need to give the market time," Mazroui, who holds OPEC presidency this year, told an industry conference.
"I don't think any fundamentals have changed for us to consider (a change in the output agreement) or panic."
(Reporting by Rania El Gamal, Maha El Dahan, Stanley Carvalho; editing by Jason Neely)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)