UAE Energy Minister sees no risk to oil supply

WAM

There are "no signs" of a shortage in the oil supplies.

That's according to UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei, who remained optimistic that the Organisation of the Petroleum Exporting Countries (OPEC) are capable of meeting global demands. 

"We do not expect any shortage unless there is a major escalation, which we don't foresee," he said on the sidelines of the energy forum organised in New York University Abu Dhabi.

Meanwhile, OPEC Secretary-General, Mohammad Sanusi Barkindo said Iraq continues to produce oil, adding that the surplus production capacity of oil is between 3 million to 3.5 million barrels per day approximately.

Barkindo said the expectations of global demand growth are at about one million barrels per day, and "this is not a cause for concern". 

He stressed that OPEC and its allies continue to keep oil markets stable on a sustainable basis and this is a shared responsibility of all producers, including the US.