UAE energy minister says oil producers are 'committed' to balancing market

Trend:

United Arab Emirates Minister of Energy and Industry Suhail al-Mazrouei said on Sunday that OPEC and non-OPEC producers are “committed” to achieving oil market balance, when asked about possible deeper cuts to production levels, Trend reports citing Reuters.

He was not concerned about current oil prices, but rather the level of oil inventories, he told a news conference in Abu Dhabi.

He said political effects and concerns about global trade tensions rather than levels of supply and demand were affecting the market.