Abu Dhabi – Mubasher: Suhail Al Mazroui, the UAE minister of energy, on Wednesday said that he is optimistic that oil market will reach balance in 2018, due to the continuous decline in global raw oil stockpiles.
This balance will be reflected in the prices hike, Al Mazroui said, according to Al Khaleej newspaper.
However, many factors affect the oil market, thus, accurate predictions cannot be reached, the minister noted.
On Sunday, OPEC general secretary, Mohammed Barkindo, had announced that his organisation and other producers may need to take some “exceptional procedures” to rebalance the oil market next year.
