July 3, 2018 / 8:49 AM / 2 months ago

UAE energy minister says ready to help alleviate any oil supply shortage

DUBAI (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday that OPEC will aim to adhere to the group’s “overall conformity levels” for the rest of 2018 and that the UAE is ready to help alleviate any oil possible supply shortage.

UAE's Oil Minister OPEC President Suhail Mohamed Al Mazrouei addresses a news conference after an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader

“OPEC will, from July 1st, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation,” Mazrouei, who holds the OPEC presidency for 2018, said in a statement. The joint OPEC and non-OPEC producers’ committees will monitor overall compliance, he added.

“OPEC and non-OPEC countries participating in the Declaration of Cooperation remain unwavering in their commitment to contribute to market stability, in the interests of producers, consumers and the global economy,” Mazrouei said.

On June 23, OPEC agreed with Russia and other oil-producing allies to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers.

OPEC and non-OPEC said in their joint statement after that meeting that they would raise supply by returning to 100 percent compliance with previously agreed output cuts that are set to continue until the end of 2018, when the Declaration of Cooperation is due to expire.

Some countries have been underproducing the targets specified by the Declaration of Cooperation, so returning to 100 percent compliance would increase output by around 1 million barrels per day, OPEC officials said.

Reporting by Rania El Gamal; Editing by Andrew Torchia

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