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  • 21-02-18

    UAE: 2018 to likely rebound oil market

    (MENAFN) UAE energy minister has declared that the oil market is expected to rebalance in 2018, as the Opec and non-Opec alliance pursue the removal of surplus on the market that accounts for 75 million barrels.

    UAE Minister of Energy Suhail Al Mazrouei confirmed the Opec agreement to be progressing remarkably after non-Opec group extended its hand for partnership.

    The minister explained "we have done the optics and the inventories have been declining. We have removed from last year till today around 266 million barrels, which means that the deal is working and we also are removing from the inventories, which means there is not lots of oil in the market."

    He continued "there is a correction attempt and it has been working very well thanks to the Opec and non-Opec group. The market is reaching, hopefully this year, balance and stability."

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