UAE says relaxing oil supply cuts is ‘not the right decision’

Al-Mazrouei said that the UAE does not want to see an increase in inventories that could lead to prices collapsing. (File photo: AFP)

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday that oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not “the right decision.”

Al-Mazrouei said that the UAE does not want to see an increase in inventories that could lead to prices collapsing.

“As UAE we see that the job is not done yet, there is still a period of time to look at the supply and demand and we don't see any need to alter the agreement in the meantime,” he said.

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Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55
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