ALSO READUAE energy minister says OPEC committed to supply cut pact for full year Emirates, Etihad join forces for airline security Oil reaches multi-year highs despite signs of overheated market Ankara changes embassy street name after UAE spat Abu Dhabi Crown Prince orders souvenirs for 2018 babies
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.
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.)