Dubai-Mubasher: UAE Oil Minister Suhail Al-Mazrouei expects oil supply levels on world markets to stabilise, easing pressure on crumbling prices.
He told news channel Sky News Arabia that the market will oblige all producers not to reduce but to stabilise their output levels.
World demand for crude will likely rise this year by 1.3 million barrels per day (bpd), Al-Mazrouei said, noting that it was possible that supplies from non-OPEC producers fall by 500,000 bpd.
The minister also said that producers could fall short of the 1.8 million bpd gap because several countries have suspended investments needed to boost output capacity.
