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He said there was an oversupply of around 100 million barrels in the market, adding that the market still needed to reduce oil inventories to their five-year average.
In a bid to support oil prices, OPEC member countries and other oil producers in January 2017 began output cuts aimed at lowering the level of oil inventories in OECD industrialised countries to their five-year average.
Oil prices this year have rallied to their highest level since May 2015 and some in OPEC fear the gains could prompt U.S. shale companies to raise output, hampering efforts to support prices and reduce inventories.
Mazrouei, current president of producer group OPEC, earlier said that he expected the oil market to balance in 2018 and that OPEC was committed to continuing with its supply cut pact until the end of the year.
"We are not worried we will have a big shock...we can help each other," he said.
(Reporting by Rania el Gamal and Stanley Carvalho; editing by Jason Neely)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)