UAE energy minister sees start of oil market recovery in 2021

The minister of the Gulf OPEC producer also said he sees good oil demand growth in China and India

  
UAE Energy Minister Suhail bin Mohammed al-Mazroui talks to the media at the OPEC Ministerial Monitoring Committee in Algiers, Algeria September 23, 2018.

UAE Energy Minister Suhail bin Mohammed al-Mazroui talks to the media at the OPEC Ministerial Monitoring Committee in Algiers, Algeria September 23, 2018.

REUTERS/Ramzi Boudina

DUBAI- United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday he saw the oil market recovering in 2021 and possibly rebalancing by early 2022.

The minister of the Gulf OPEC producer also said he sees good oil demand growth in China and India as more countries begin their vaccination campaigns for the new coronavirus.

"This year the way we see it is a year of recovery, whether it's going to be the end of the year where we are supposed to reach the balance or the beginning of 2022," he told the Atlantic Council virtual energy forum.

(Reporting by Rania El Gamal and Shadia Nasralla, editing by Louise Heavens) ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: @RaniaElGamal10))

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