U.A.E. Sees Oil Glut Easing Even With Added Iran Supplies
- Iran plans to boost crude oil output by 500,000 barrels a day
- Crude demand seen rising by 1.3 million barrels a day in 2016
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The global oversupply of crude will decline this year even after Iran adds an expected 500,000 barrels a day in oil output, United Arab Emirates Energy Minister Suhail Al Mazrouei said.
Oil prices are fluctuating on speculation about the potential impact of more Iranian crude entering the market this year after the lifting of economic sanctions, Al Mazrouei said on his Twitter account. Iran has pledged to boost output by 500,000 barrels a day immediately after the sanctions are removed and by up to 1 million a day within a year.