GCC oil producers working towards early recovery of world oil market: Minister of Energy

ALGIERS, 26th September, 2016 (WAM) – OPEC’s GCC oil producers are exerting efforts to close ranks to stimulate early recovery of the world oil market, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, said on Monday.

”The GCC countries, notably Saudi Arabia, did not miss an opportunity to support any effort which could expedite market stabilisation if all participate,” the UAE minister stated on the sidelines of the 15th international Energy Forum (IEF2016) in Algeria from 26th to 28th September.

”We are meeting in Algeria for consultations and I hope all OPEC members will be supportive to any initiative to speed up the market recovery,” he added.

”The oil market is on the recovery mode and will balance but it is slower as additional production come from some members,” he concluded.