Oil market to rebalance in 2018 – Minister

Oil market to rebalance in 2018 – Minister
We should not worry about the decline in Venezuela’s production

By: Amr Adel

Abu Dhabi – Mubasher: The oil market will witness stability and rebalance in 2018, while the Organization Of Petroleum Exporting Countries' (OPEC) output cut agreement is still effective, the UAE’s energy minister Suhail al-Mazrouei said on Thursday. 

Maintaining a full balance between oil supply and demand needs more time, al-Mazrouei added.

We should not worry about the decline in Venezuela’s production or the political unrest in Iran, the top official remarked. 

In December, OPEC extended the oil output reduction pact until the end of 2018.

 

Translated by: Muhammad Khalid

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Source: Mubasher Exclusive

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