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Thu 9 Jan 2020 08:41 AM

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Middle East tensions will not result in oil shortages, says UAE Energy Minister

Suhail bin Mohammed Faraj Faris Al Mazrouei says OPEC and its allies are able to meet global demand if required

Middle East tensions will not result in oil shortages, says UAE Energy Minister

Al Mazrouei said: “I am not concerned about oil supply and demand as the market is well supplied and OPEC and its allies are able to meet global demand in case it is required and discussed by all parties.”

There will be no shortage in the supply of oil, according to the UAE’s Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, amid ongoing tensions in the region.

It comes following the killing of Iranian General Qasem Soleimani in an American drone strike last week and retaliatory strikes from Iran on Wednesday with the bombing of US bases in Iraq.

Speaking on the sidelines of the energy forum in New York University Abu Dhabi, Al Mazrouei is quoted by Emirates News Agency (WAM) as saying that there are “no signs” of a shortage in oil supplies, and added: “We do not expect any shortage unless there is a major escalation.”

The Organisation of the Petroleum Exporting Countries (OPEC) secretary general Mohammad Sanusi Barkindo said that Iraq continues to produce oil and its oil installations are safe. He also pointed out that the surplus production capacity of oil is between 3 million to 3.5m barrels per day approximately.

Al Mazrouei said: “I am not concerned about oil supply and demand as the market is well supplied and OPEC and its allies are able to meet global demand in case it is required and discussed by all parties.”

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