April 10, 2018 / 2:41 PM / 9 months ago

UAE says oil market rebalancing going better than expected

The United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui speaks to journalists in Singapore, July 21, 2017. REUTERS/Darren Whiteside/Files

NEW DELHI (Reuters) - United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Tuesday that a rebalancing of the global oil market was going better than expected.

“The rebalancing is doing very well, better than expectations and we are optimistic about this correction,”

Mazroui, whose country currently holds the OPEC presidency, said on the sidelines of the International Energy Forum in New Delhi.

He also said a ministerial monitoring panel meeting next week would not revise the metrics used to assess the success of a global pact cutting oil supply.

Reporting by Alex Lawler and Promit Mukherjee; Editing by Dale Hudson

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