UAE energy minister says efforts to rebalance oil market are 'progressing well'

UAE energy minister says efforts to rebalance oil market are 'progressing well'

DUBAI (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazroui said on Tuesday that OPEC and non-OPEC efforts to rebalance the oil market and encourage oil investment "are progressing well".

"OPEC is a non-political organisation," Mazroui wrote on his twitter account.

"Our goal is to ensure the stability of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry."

Mazroui tweeted after U.S. President Trump said that Washington will withdraw from an international nuclear deal with Iran and that he would reimpose economic sanctions on Tehran, which could hit Iranian crude exports.

(Reporting by Rania El Gamal; Editing by David Goodman)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: May 09, 2018 02:05 AM

Also Watch

Social Media Star: India’s top lifestyle bloggers share their trade secrets on the latest episode
  • Friday, July 27, 2018 First Day First Showsha — Reviewing Tom Cruise's Mission: Impossible - Fallout in 10 questions
  • Friday, August 10, 2018 It's a Wrap: Fanney Khan stars Anil Kapoor, Rajkummar Rao, Pihu Sand in conversation with Parul Sharma
  • Wednesday, August 15, 2018 Partition's real cost: Sonam Kalra revisits accounts of separation, loss in a spellbinding performance
  • Monday, August 13, 2018 Asian Games 2018: How Indian women's hockey team moved on from heartbreak at London World Cup

Also See