May 8, 2018 / 8:24 PM / a year ago

UAE energy minister says efforts to rebalance oil market are 'progressing well'

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

DUBAI (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazroui said on Tuesday that OPEC and non-OPEC efforts to rebalance the oil market and encourage oil investment “are progressing well”.

“OPEC is a non-political organisation,” Mazroui wrote on his twitter account.

“Our goal is to ensure the stability of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.”

Mazroui tweeted after U.S. President Trump said that Washington will withdraw from an international nuclear deal with Iran and that he would reimpose economic sanctions on Tehran, which could hit Iranian crude exports.

Reporting by Rania El Gamal; Editing by David Goodman

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