Emirates Energy Minister, Suhail Al Mazroui expressed his relief for the results of OPEC’s 172 ministerial meeting and the second ministerial meeting for non-OPEC countries.

Al Mazroui said that, the extended production cut by 1.8 million barrels per day to the first quarter of 2018 will be motive to restore balance to the market, expecting at least 200 million barrels of world inventories to be cut, which will achieve the members’ goal to reach the average trade stock levels for the previous five years, as he feels optimistic about the return of oil investments to the markets.

He said that world demands for oil for this year, are better than the organization has expected, and the third quarter will witness increase in demands for oil derivatives as expected during holidays season because of the increase usage of transportations. He also welcomed the Republic of Equatorial Guinea as a new member in OPEC organization and as a supporting country for production cut agreement.