Abu Dhabi – Mubasher: The UAE’s minister of energy on Sunday said that 2018 will be a good year for petrol, noting that he was very optimistic about the performance of the petroleum sector next year.
Suhail Mohammed Faraj Al Mazroui told Al Khaleej newspaper that he will discuss extending the output reduction agreement in November 2017.
The agreement undertaken by members of the Organization of Petroleum Exporting Countries (OPEC) is scheduled to end in March 2018.
Most stakeholders stress the need for the production cut to continue as it bolsters oil prices, the minister added.
The demand is increasing significantly beyond expectations, Al Mazroui stated, adding that the US has already begun increasing its oil exports, while stockpiles are falling, which is helping balance the market and oil prices.
On 1 October, the UAE’s Abu Dhabi National Oil Co. (ADNOC) announced that it will reduce its production of Das crude oil and Upper Zakum crude by 10% and 5%, respectively, in November.
ADNOC’s output reduction decision reflects the UAE’s adherence to the OPEC agreement, Al Mazroui highlighted earlier this month.
