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UAE energy minister says not concerned with current oil price

Reuters  |  ABU DHABI 

ABU DHABI (Reuters) - United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei said on Thursday he was not concerned with the current oil price. "We are not panicking or see any need to do anything," Mazrouei said at an oil event in the UAE capital Abu Dhabi. 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 ...

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First Published: Thu, January 11 2018. 18:00 IST