ABU DHABI, World oil markets are expected to balance supply and demand by next summer, Suhail bin Mohammed Faraj Faris Al Mazrouei, the UAE Minister of Energy, said on Friday, second day of the Global Energy Forum held in Abu Dhabi.
The Minister said there was much glut built in the market over the past two years, but he expected a gradual decline in surplus following the decision by the Organisation of Petroleum Exporting Countries, OPEC, to cut output.
Al Mazrouei was optimistic about positive results following the OPEC's move, which came into effect earlier this month.
''An OPEC committee will meet in Vienna in January to monitor and assess results of that decision,'' he added.
Most of the UAE and Gulf national oil companies across OPEC member states had already notified their customers of the output reduction, he said.
The Minister hoped that oil producers would commit themselves to that decision.
The two-day energy forum, held in the region for the first time, concluded in Abu Dhabi today.
Held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the event was organised by the US Atlantic Council, in co-operation with the Ministry of Energy, Abu Dhabi National Oil Company, ADNOC, Mubadala, International Petroleum Investment Company and Masdar.
The forum is part of Abu Dhabi Sustainability Week, an initiative by the Abu Dhabi Government and hosted by Masdar. It aims to encourage dialogue and action to address some of the world's most pressing sustainable development challenges.
The forum was attended by Frederick Kempe, President and CEO of the Atlantic Council, besides a number of senior professionals, experts and decision makers in the energy sector.
Source: Emirates News Agency