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Oil is slick, says UAE

Abu Dhabi - There is an oversupply of around 100 million barrels in the market.

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UAE Energy Minister Suhail Al Mazrouei said on Thursday he was not concerned with the current oil price. "We are not panicking or see any need to do anything," Mazrouei said at an oil event in Abu Dhabi.
He said there was an oversupply of around 100 million barrels in the market, adding that the market still needed to reduce oil inventories to their five-year average. Mazrouei said Opec would continue monitoring oil supply growth in the United States and that in order to meet oil demand growth, the market needed shale oil supply.
Mazrouei, current president of producer group Opec, earlier said that he expected the oil market to balance in 2018 and that Opec was committed to continuing with its supply cut pact until the end of the year.