The UAE’s 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.
Oil prices rallied this year to their highest since May 2015 and some in OPEC fear the gains could prompt US shale companies to raise output.
On Thursday, Mazrouei said OPEC would continue monitoring oil supply growth in the United States and that in order to meet oil demand growth, the market needed shale oil supply.
UAE energy minister says not concerned with current oil price