UAE says oil cuts removed ‘85% of the problem’ of oversupply
The global deal to rein in oil output has removed “85 percent of the problem” of oversupply,
and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to UAE Energy Minister Suhail Al Mazrouei.
The world economy is benefiting from the cuts, he said at a Bloomberg Businessweek Middle East conference in Dubai.
Mazrouei, who also serves this year as president of the Organization of Petroleum Exporting Countries, isn’t concerned that a potential international trade war might upset the crude market, he said Tuesday in a Bloomberg TV interview in Dubai.
“I’m not that concerned about a trade war getting to the oil market,” Al Mazrouei said in the interview.
“It may affect the cost of drilling, the cost of completion, but I think overall the effect is going to be minor to the oil prices.”