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The Minister of Energy saying to Al Roeya newspapers: Crises will not affect the oil production plans

Saturday, June 17, 2017

H.E. Suhail Al Mazrouei, Minister of Energy, revealed the waiting of the OPEC member countries for the third quarter of this year to find out the real volume of demand and production, expecting prices to improve during the last quarter of the year.

Al-Mazrouei said, on Saturday on the sidelines of the announcement of the State of Energy 2017, that the increase in the production of oil from outside the OPEC is not effective on prices, due to the low demand from oil consuming countries.

He stressed that the crisis will not affect the oil production plans until the first quarter of next year, asserting that the agreement, which was agreed upon on the last meeting in OPEC to extend the cut production until the first quarter of 2018, is the real motive to make a balance in the oil market.

He pointed out that OPEC plans to extend the reduction of production will not change, noting that the value of daily reduction in the plan until the end of the first quarter of next year is 1.8 million barrels.

HE Al Mazrouei expected that at least 200 million barrels of global stocks will be reduced, which will achieve the members' goal of reaching the average levels of commercial stocks for the past five years, hoping for the start of the return of oil investments to world markets gradually after the OPEC agreement at the end of last May. There will be a harmonization of demand for oil in the future. Al Mazrouei expected that at least 200 million barrels of global stocks will be reduced, which will achieve the members' goal of reaching the average levels of commercial stocks for the past five years, hoping for the start of the return of oil investments to world markets gradually after the OPEC agreement at the end of last May, which will create a harmonization of demand for oil in the future.

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