|19 May, 2019

UAE says relaxing oil supply cuts is 'not the right decision'

Mazrouei said that the UAE does not want to see an increase in inventories that could lead to prices collapsing.

Image for illustrative purpose. UAE's Oil Minister Suhail Mohamed Al Mazrouei arrives for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. Image for illustrative purpose.

Image for illustrative purpose. UAE's Oil Minister Suhail Mohamed Al Mazrouei arrives for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. Image for illustrative purpose.

REUTERS/Leonhard Foeger

JEDDAH, Saudi Arabia- United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday that oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not "the right decision".

Mazrouei said that the UAE does not want to see an increase in inventories that could lead to prices collapsing.

(Reporting by Dahlia Nehme, editing by Louise Heavens) ((aziz.elyaakoubi@thomsonreuters.com; +971552994086; Reuters Messaging: aziz.elyaakoubi.reuters.com@reuters.net))

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