The United Arab Emirates’ energy minister said he considers global oil markets to be “well- balanced,” with adequate supplies of crude, a month before OPEC meets to review its production target.
The Organization of Petroleum Exporting Countries, due to convene on May 31, is ensuring that supplies are sufficient, Suhail Mohammed Al Mazrouei told reporters today in Abu Dhabi. Global oil demand may increase by 1 million barrels a day until it reaches 105 million a day in 2030, amid economic expansion in Asia and South America, he said.
“The market is well-balanced, and there is no oversupply in the market,” said Al Mazrouei, who last month took charge of the ministry previously headed by Mohamed Bin Dhaen Al-Hamli. “There is enough supply in the market,” he added.
The U.A.E. was the sixth-largest producer in OPEC last month, according to data compiled by Bloomberg. The organization, responsible for 40 percent of global oil supply, will decide next month whether to adjust its collective production ceiling of 30 million barrels a day.
Al-Mazrouei, who has managed production for five operating companies of state-run Abu Dhabi National Oil Co., assumed responsibility for the energy ministry on March 12. His predecessor, Al-Hamli, had held the position since 2004.
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