Abu Dhabi – Decypha: Global oil stockpiles are expected to fall in the second half of 2017 (H2-17) due to oversupply, the UAE Energy Minister Suhail Al Mazrouei told Decypha.
The decline of inventories is expected to affect oil prices, Al Mazrouei added on the sidelines of a conference held on Tuesday.
The UAE has reduced its oil production by 200,000 barrels per day in March due to maintenance work, with expectations of further cuts in April and May.
There are talks over the extension of the production cut deal to be considered in OPEC’s upcoming meeting, Al Mazrouei confirmed.
“Some countries did not commit to the agreement although they asked their peers to commit to cutting their share of reduction,” the minister said
By: Ramy Sameeh
Translated by: Julian Nabil
