Oil markets have not yet fully balanced supply versus demand, but 2018 will be the year in which this will be achieved, according to the United Arab Emirates’ Secretary of State Suhail Al Mazroui. During an energy forum in Abu Dhabi, he said that significant progress has been made, but there is still more to be done.
“Market fundamentals in 2017 are good, but we expect to see another good year of production in 2018”, said Suhail Al Mazroui. In his words, the oil markets are finally achieving equilibrium.
Last November, the Organization of Petroleum Exporting Countries (OPEC) and 10 non-OPEC-led Russian producers agreed to continue cutting production in an effort to raise prices.
During the forum, the oil minister also hinted that the alliance between OPEC and non-OPEC producers, including Russia, could continue in some form beyond the current deal to curb oil production.
He suggested that the partnership between global oil producers, in an attempt to stabilize oil markets by limiting production, works and may continue beyond the deadline in December 2018.