November 13, 2017 / 6:57 AM / a year ago

UAE energy minister says he's optimistic about oil market next year

FILE PHOTO: The United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui speaks to journalists in Singapore, July 21, 2017. REUTERS/Darren Whiteside

ABU DHABI (Reuters) - United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui said on Monday that he is optimistic about the oil market next year and the market is likely to continue recovering.

Speaking at an energy industry conference, Mazroui said global oil producers’ supply cuts had helped to remove almost 180 million barrels from storage in less than a year.

Whatever decision on future policy is agreed by OPEC later this month, the UAE will be committed to it, he added.

Reporting by Maha El Dahan, Aziz El Yaakoubi, Stanley Carvalho and Rania El Gamal; Writing by Andrew Torchia

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