UAE minister says global oil supply glut is almost gone

ABU DHABI (Reuters) – The United Arab Emirates (UAE) energy minister Suhail bin Mohammed al-Mazrouei said on Monday the global oil supply glut was almost gone.

Addressing the ADIPEC oil conference in Abu Dhabi, he said: “The glut is almost gone … I think we are at the bottom of this cycle…”

He added: “What concerns you and us (is) that we need to continue investing in this industry… to ensure we don’t see a huge spike 3-4 years from now.”

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Barkindo said consultations between OPEC and non-OPEC producers would continue in coming days and weeks, and he believed it was vital that producers in both camps came together.

(Reporting by Rania El Gamal, Maha El Dahan and Hadeel al Sayegh, Writing by William Maclean)

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