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6/30, 3:29 PM (Source: TeleTrader)
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Confident OPEC will restore market balance - Al-Mazroui

The United Arab Emirates' Energy Minister Suhail al-Mazroui said on Sunday that he was confident that the Organzation of the Petroleum Exporting Countries (OPEC) would reach a decision that would restore the oil market balance.

Al-Mazroui tweeted that he was on the way to Vienna for OPEC's meeting from July 1 to July 2 and that he hoped for "good and productive outcomes." He added that he was confident that the organization would arrive at a decision that would return the oil market to a balanced state.

Al-Mazroui's comments come after Saudi Energy Minister Khalid al-Falih said that the agreement between Saudi Arabia and Russia to extend the production cuts within the OPEC+ format would make sure the oil markets are stable. Russian Energy Minister Alexander Novak also stated that the oil supply cuts put in place by OPEC and OPEC+ needed to last for at least another nine months.

Breaking the News / DZ