May 18, 2019 / 12:39 PM / 5 months ago

UAE energy minister says oil stocks building up, OPEC job not done

UAE's Oil Minister OPEC President Suhail Mohamed Al Mazrouei addresses a news conference after an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader

JEDDAH, Saudi Arabia (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday that global oil inventories are still building up particularly in the United States, and that the job by OPEC and its allies to balance the oil market is not complete yet.

Mazrouei told reporters in Jeddah that conformity with the oil supply cuts are “excellent” and that he was happy with the UAE’s compliance level.

He was speaking ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC producers, including Saudi Arabia and Russia, known as the JMMC, which will discuss oil market situation ahead of a policy meeting in June and could recommend a course of action for the oil producers.

Reporting by Dahlia Nehme, writing by Rania El Gamal, editing by Maha El Dahan

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