Oil nations to do ‘whatever necessary’ to balance market – UAE

Oil-producing nations will do whatever necessary to rebalance the crude market depressed by the Sino-US trade tensions and an uncertain global outlook, the United Arab Emirates’ energy minister said Sunday.

Key quotes

With the US-China trade row hanging over the world economy, additional output cuts may not be the best way to boost sagging prices.  

Deeper production cuts are not a decision that we take easily.

Oil producers were affected by “other concerns” apart from supply and demand.

Anything that the group sees that will balance the market, we are committed to discussing it and hopefully go and do whatever necessary, but I wouldn’t suggest to jump to cuts every time that we have an issue on trade tensions.