| UAE Minister of Energy Suhail Al Mazrouei said he expects supply levels on world markets to “stabilise”, easing pressure on crumbling prices. “The market will oblige all (producers) not to reduce but to stabilise their output levels,” Al Mazrouei told Sky News Arabia.
He expected world demand for crude to rise this year by 1.3 million barrels per day (bpd) and also said it was “possible” that supplies from non-Opec producers fall by 500,000 bpd. Producers could fall short of the 1.8 million bpd gap because “several countries have suspended investments” needed to boost output capacity, he said...............................................Full Article: Source
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