The UAE Energy Minister Suhail al-Mazrouei was out on the wires in the last hour, saying that there is a risk of build up in oil inventories in 2019 but remain confident that OPEC+ will act to prevent inventory buildup next year consensus building.
Key quotes:
“¢ Confident OPEC+, including Russia ready to support a decision in Dec. to balance the oil market.
“¢ OPEC will do what is needed to keep the market stable.
“¢ Oil production is above expectations.
“¢ We need to change our strategy to adjust production.
“¢ Our strategy would require us to reduce oil production.
“¢ UAE will support OPEC decision to balance the market in Dec.
“¢ We have cut in the past and adhered to our output target.
“¢ If we need to cut again, we will do it.
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