Balance between supply and demand on the oil market may occur closer to the beginning or the end of next year depending on the economic situation in the world, said UAE energy Minister Suhail al mazrouei.
DUBAI, 22 Dec. Anna Chernova-Kalichuk. UAE energy Minister Suhail al-Mazrui said that the balance between supply and demand on the oil market will occur in 2016.
According to the Minister, it may occur closer to the beginning or the end of next year depending on the economic situation in the world. He also noted that the decision of the US authorities to lift the embargo on oil exports from the country will not have a fundamental impact on the market.
“This decision will not affect the fundamental production and supply in the market,” said al-mazroui, who passes on Tuesday, Emirati news Agency WAM.
UAE energy Minister recalled that the adopted by the Organization of the countries-manufacturers and exporters of oil (OPEC) at the end of 2014 a decision not to cut oil production in response to lower prices was calculated for two years. According to him, since then, only a year passed, and the decision should remain in force even for the same term.
In recent months the level of oil production by OPEC countries has consistently exceeded their collective quota of 30 million barrels of oil per day. At a meeting in early December of the current year members of the organization are unable to reach a compromise on the optimal level of production.