UAE urges oil producing countries to address weak demand

• The minister said that his government appreciates the role of Saudi Arabia and Russia for their great efforts to achieve balance in global markets.
• The virtual meeting between OPEC and its allies scheduled for Monday has been postponed

The United Arab Emirates has urged for a joint effort to address the demand weakness of oil in the global market.

''A joint and combined effort by all oil-producing countries is required, not only the group of OPEC+ countries, in order to address the weakness of demand in the global oil market,'' said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, in a statement to WAM.

The minister said that his government appreciates the role of Saudi Arabia and Russia for their great efforts to achieve balance in global markets. ''The UAE is confident that, if an agreement can be reached, all producing countries will work quickly and cooperatively to address the weak demand for oil in global markets, helping to rebalance the market and maintain global oil inventories at reasonable levels,'' he concluded.

Meanwhile, the virtual meeting between OPEC and its allies scheduled for Monday has been postponed as tensions between Saudi Arabia and Russia mount. As per reports, the meeting will now likely be held on Thursday,

It may be mentioned that the Monday meeting was set after President Donald Trump stated that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal on production cuts.