Oil market moving closer to becoming rebalanced

ِAbu Dhabi / WAM

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, and President of the Organisation of Petroleum Exporting Countries (OPEC) Conference for 2018, has expressed his optimism over regaining balance to the international oil market, thanks to the cooperation between the OPEC, and its partners.
“Looking ahead, I remain optimistic that we will fulfil our goal of delivering sustainable oil market stability, which is intended to serve the long-term interests of producers, consumers and the global economy,” Al Mazrouei said in a statement issued by the ministry ahead of 174th Meeting of the OPEC Conference next week in Vienna, Austria.
“Central to this optimism is the unprecedented level of cooperation and conformity from OPEC and its partners to the production adjustments that were promised under the ‘declaration of cooperation’,” he added.
‘‘Stock levels have dropped significantly since the beginning of 2017 and the market is moving ever-closer to becoming rebalanced, he clarified. “This will undoubtedly be a key topic of discussion in our June meeting,” he said. The 174th meeting of the OPEC conference, the first full gathering of the year, is to take place on June 22 in Vienna, Austria.
“In this meeting and the 7th OPEC International Seminar, a unique assembly of Ministers, heads of intergovernmental organisations, chief executives of national and international oil companies, industry leaders, academics, energy experts and media, we will review the noteworthy progress that we are making,” he said. As President of the OPEC Conference for 2018, Al Mazrouei will preside over both events. He commended the performance and new approach of the OPEC over the first half of 2018. ‘‘It has been a constructive first half of the year.’’
“OPEC has engaged in open and transparent dialogue with a broad range of stakeholders, an approach that I wholeheartedly support and I believe is beneficial to all parties,” he said.