Moscow, November 14 – "Vesti. Economy". Fundamental indicators from the oil market remained adequate and did not justify falling prices on November 13, OPEC president, United Arab Emirates (UAE) Energy Minister Suheil al-Mazroui told Bloomberg.
UAE Energy Minister Suheil Al Mazrui EPA / JEON HEON-KYUN
"The basics of the oil market are" still adequate "and do not justify the fall in oil prices on Tuesday," the agency wrote, referring to al-Mazrui's words.
At the same time, he added that OPEC + did not focus on oil prices, but evaluated mainly the level of raw material stocks and tried to keep them in line with the five-year average value.
Al-Mazrui also noted that OPEC and its allies are ready to reduce or adjust the level of production, if necessary, to balance the market.
"Previously, we have reduced production to achieve balance in the market, and if we need to maintain a balanced market, we will reduce it again," he said.
On November 13, oil prices fell 7-8% amid fears of oversupply and weak demand after the publication of the November OPEC report, as reported by Vesti.Economy.
In it, the organization is making excessive supplies on the oil market in 2019 because of the revised estimates for the growth of raw material production in countries outside the cartel and above. OPEC also lowered its forecast for oil demand growth in 2018-2019.
In the morning trade on November 14, oil prices continued to fall, but then prices rose.