No one can assure stable oil prices, says UAE energy minister

Reuters: No one can assure the stability of oil price, what we are concerned about is to ensure there is enough supply to satisfy the demand in future, said the energy minister of United Arab Emirates (UAE), Suhail Al-Mazroui, on Sunday (May 13) in Abu Dhabi.

Al-Mazroui made the statement on the global crude oil prices on the sidelines of an industry event, ‘Downstream Investment Forum,’ focusing on ‘New Trade Flows, New Market Opportunities’ in Abu Dhabi. Al-Mazroui, who holds OPEC’s (Organization of the Petroleum Exporting Countries) presidency this year, further said that OPEC and Non-OPEC member countries were trying to achieve that balance, where there was a need to look at a longer time frame.

On the occasion, Indian oil minister, Dharmendra Pradhan, asked oil producers that since India are a new market and it has the biggest appetite to grow, so the producers should provide enough supply of oil at reasonable price. Pradhan is on a three-day visit to UAE to follow up on the February 2018 UAE visit of Indian Prime Minister Narendra Modi.

India, hedging against energy security risks as it imports most of its oil needs, is building emergency storage in underground caverns to hold 36.87 million barrels of crude.