UAE Minister: Deficit in oil supply is not forecasted

12:54 - 9.01.2020


January 9, Fineko/abc.az. OPEC is trying to ease global market concerns about oil supplies amid rising tensions.

ABC.AZ reports with reference to the Turkish media that the relevant statement was made by Suhail al-Mazrui, the Energy & Industry Minister of the United Arab Emirates.

According to the minister, OPEC is trying to minimize concerns about the shortage of oil supplies in the Middle East against the background of the Iranian-American conflict.

The minister pointed out that currently supplies on commodity markets are at a good level, and in the event of increased tension in the region, the organization and its partners will respond to this:

"The growing tension between the U.S. and Iran does not pose a risk to the Strait of Hormuz, which is important for transporting oil to the Gulf. The offer on the market is good. I would say that if there is no more serious tension, which we don’t expect, there will be no shortage of supplies."

 

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