Business News
Home > Business News
UAE energy minister says oil stocks building up, OPEC job not done
TIWN
TIWN
PHOTO : TIWN
JEDDAH, Saudi Arabia (Reuters), May 18 (TIWN) - United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday that global oil inventories are still building up particularly in the United States, and that the job by OPEC and its allies to balance the oil market is not complete yet.
Mazrouei told reporters in Jeddah that conformity with the oil supply cuts are "excellent" and that he was happy with the UAE's compliance level.
He was speaking ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC producers, including Saudi Arabia and Russia, known as the JMMC, which will discuss oil market situation ahead of a policy meeting in June and could recommend a course of action for the oil producers.
Add your Comment
Comments (0)
More Business News
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals
Special Articles
Sanjay Majumder
Anirban Mitra