Thursday , May 13 2021

We will not allow oil stocks to grow

Here are the details of the Mazroui news: We do not allow the growing oil stocks

Energy Minister Suhail Al-Mazroui said that OPEC and its allies would need to reduce oil production next year to prevent a growing supply and it was agreed among members to support a decision to balance the market.
"We have seen the risk of the shares increasing if we do not move and we will not allow this to happen," said Al-Mazroui, head of OPEC in 2018. "Of course, there will be a need to move from production to production .
Al Mazrouei added that the UAE would support all OPEC decisions to balance the market in December.
On the other hand, Russian Energy Minister Alexander Novak said there was no need to take extraordinary measures to limit the decline in oil prices. (Reuters)

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Source: Gulf

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