Al Mazrouei Said: “There is no need for an extraordinary meeting of OPEC before November”
Sunday, June 18, 2017
H.E. Al Mazrouei expected higher demand for crude oil in the third quarter.
UAE Energy Minister Suhail Al Mazrouei said he sees no need for an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) before the Organization's regular meeting in November. OPEC holds its next regular meeting in Vienna on Nov. 30.
"Nobody talks about an emergency meeting," HE told reporters in Dubai, adding that the organization is at the beginning of the agreement and it needs some time.
OPEC and non-OPEC oil producers, led by Russia on May 25, decided to extend production cuts by 9 months until March 2018 as part of the efforts to reduce the oversupply.
HE Al-Mazrouei expected a rise in the demand of crude in the third quarter.
He said that the holiday season is coming, and this would be accompanied by a rising demand, which is typical by the end of the second quarter of each year.