Media ININ Economy We Trust
Media In – Abu Dhabi – June 18, 2018
Suhail bin Mohammed Faraj Faris Al Mazrouei, OPEC’s chairman, said that the oil market is getting closer and closer to rebalancing. “This will undoubtedly be a major topic for discussion at the next OPEC meeting on June 22 in Vienna,
“The sustainable stability of the oil market is aimed at serving the long-term interests of producers, consumers and the global economy as well,” Al Mazrouei said in an article distributed by the Ministry of Energy and Industry today.
He expressed optimism about stabilizing the market due to the unprecedented level of cooperation and agreement between OPEC and its partners on the production adjustments made under the Declaration of Cooperation.
“The inventory levels have declined significantly since the beginning of 2017 and the market is getting closer and closer to rebalancing,” he said. “This will undoubtedly be a major topic for discussion at our next meeting in June, which will bring OPEC ministers together with their independent partners.”
