January 8, 2020 / 4:30 AM / 12 days ago

UAE energy minister sees no oil shortage in absence of 'catastrophic escalation'

FILE PHOTO: UAE's Oil Minister Suhail Mohamed Al Mazrouei arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger

ABU DHABI (Reuters) - The United Arab Emirates Energy Minister said on Wednesday he hopes there would be no further escalation in the region and that he does not expect a shortage of supply in the absence of a scatastrophic escalation after Iran attacked U.S. forces in Iraq.

“The oil market is well supplied now I would say,” Suhail al-Mazrouei said.

“We are not forecasting any shortage of supply unless there is a catastrophic escalation which we don’t see,” he added.

Reporting by Dahlia Nehme; Editing by Himani Sarkar

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