January 8, 2020 / 4:33 AM / 2 months ago

UAE energy minister sees no oil shortage in absence of 'catastrophic escalation'

UAE's Oil Minister Suhail Mohamed Al Mazrouei arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger/Files

ABU DHABI (Reuters) - The United Arab Emirates Energy Minister said on Wednesday he hopes there would be no further escalation in the region and that he does not expect a shortage of supply in the absence of a catastrophic escalation after Iran attacked U.S. forces in Iraq.

“The oil market is well supplied now I would say,” Suhail al-Mazrouei said.

“We are not forecasting any shortage of supply unless there is a catastrophic escalation which we don’t see,” he added.

Reporting by Dahlia Nehme; Editing by Himani Sarkar

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