January 11, 2018 / 7:25 AM / a year ago

UAE energy minister says OPEC committed to supply cut pact for full year

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producing countries in Vienna, Austria September 22, 2017. REUTERS/Leonhard Foeger/Files

ABU DHABI (Reuters) - The United Arab Emirates (UAE) Energy Minister said on Thursday he expects the oil market to balance in 2018 and that the Organization of the Petroleum Exporting Countries (OPEC) was committed to continue with its supply cut pact until the end of this year.

    “OPEC is committed to what they have decided when we met in November (2017)...to continue this for a full year,” Suhail al-Mazrouei, said at an event in the UAE capital of Abu Dhabi, adding that more time is needed to achieve a full balance between oil supply and demand.

    He said he expects market balance to be achieved in 2018 but more time is needed to drain the supply overhang.

    Mazrouei, who is OPEC’s current president, also said he was not worried about a supply shock due to the crude output declines in Venezuela and political unrest in Iran.

Reporting By Rania El Gamal and Stanley Carvalho; Editing by Christian Schmollinger

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