August 8, 2019 / 4:24 PM / 4 months ago

UAE will support actions to balance oil market, confident partners will do same -energy minister

DUBAI, Aug 8 (Reuters) - The United Arab Emirates will continue to support actions to balance the oil market and is confident its OPEC and non-OPEC partners will take similar measures, the country’s energy minister Suhail al-Mazrouei said in a tweet on Thursday.

Mazrouei said JMMC, the OPEC and non-OPEC ministerial monitoring committee, would meet in Abu Dhabi on Sept. 12 to review the oil market and make recommendations aimed at keeping it balanced.

Mazrouei said market fundamentals were good and that “commercial stock overhang continues to decline and demand remains healthy” despite a “temporary overreaction” in the market driven by speculation.

“I am confident that OPEC+ will continue its strong compliance with agreed production levels,” he said. (Reporting by Eric Knecht; Editing by Susan Fenton)

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