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11/15/2021, 9:59 AM (Source: TeleTrader)
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UAE: Oil supply to exceed demand in 2022's Q1

United Arab Emirates Energy Minister Suhail Al Mazroui (pictured) stated on Monday at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) that he expects the supply of oil to exceed demand as soon as in the first quarter of 2022.

The minister went on to describe the next year as "a year of balance in the oil market." He also projected that "some of the production is going to come from the United States." Mazroui added the UAE is planning to raise its current production capacity from "more than four million barrels per day" to five million by 2030.

Earlier in the day, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Al Saud said he expects oil inventories to expand starting from December.

Baha Breaking the News (BBN) / JR