UAE energy minister says oil producers are ‘committed’ to balancing market

Political concerns about global trade tensions are affecting the oil market, al-Mazrouei said. (File photo: Reuters)

Suhail al-Mazrouei, the UAE Minister of Energy and Industry, said on Sunday that OPEC and non-OPEC producers were “committed” and will do “whatever is necessary” to achieve balance in the oil market.

Despite concern on the global economy due to the ongoing US-China trade war, al-Mazrouei said, “I wouldn’t suggest to jump to cuts every time that we have an issue on trade tensions.”

The oil market is being affected by factors beyond supply and demand he said, “which is the main thing that we can control.” Political effects and global trade tension concerns, rather than levels of supply, are affecting the market, al-Mazrouei added.

Last Update: Wednesday, 20 May 2020 KSA 10:00 - GMT 07:00