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UAE energy minister says OPEC committed to supply cut pact for full year

Reuters  |  ABU DHABI 

(Reuters) - The United Arab (UAE) said on Thursday he expects the market to balance in 2018 and that the Organization of the Exporting Countries (OPEC) was committed to continue with its supply cut pact until the end of this year.

"is committed to what they have decided when we met in November (2017) continue this for a full year," Suhail al-Mazrouei, said at an event in the capital of Abu Dhabi, adding that more time is needed to achieve a full balance between supply and demand.

He said he expects market balance to be achieved in 2018 but more time is needed to drain the supply overhang.

Mazrouei, who is OPEC's current president, also said he was not worried about a supply shock due to the crude output declines in and political unrest in

(Reporting By and Stanley Carvalho; Editing by Christian Schmollinger)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 12:50 IST