U.A.E.’s Al Mazrouei Sees Crude Market as ‘Well-Balanced’
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Global oil markets are in balance and receiving ample crude, the energy minister of the United Arab Emirates said, while some industry officials including Total SA’s trading head said supply may be outpacing demand.
The Organization of Petroleum Exporting Countries, which plans to meet on May 31 to review its production target, is ensuring that supplies are sufficient, Suhail Mohammed Al Mazrouei, the U.A.E. minister, told reporters today in Abu Dhabi, the country’s largest sheikhdom. The U.A.E’s governor to OPEC, Ali Al Yabhouni, said the group’s limit of 30 million barrels a day is adequate for 2013. Both officials spoke at the Middle East Petroleum and Gas Conference.