By: Ramy Sameeh
Abu Dhabi – Mubasher: The oil market is expected to be balanced in the coming period, according to Suhail Al Mazrouei, UAE's Minister of Energy.
Oil producers should work together to achieve this “balance”, Al Mazrouei added on the sidelines of the Flag Day celebration in Abu Dhabi.
In a reply to a question on oil production freeze, the minister said “I am optimistic and there are efforts made by the OPEC and its members to form a committee to decide on the matter”.
Oil prices declined below $47 per barrel on Wednesday for the first time since 28 September 2016.
On another note, he said that many global projects are delayed, but UAE tries not to postpone any projects
UAE seeks to increase its oil production to reach 3.5 million barrels in 2018, Al Mazrouei noted.
Translated by: Julian Nabil
