Abu Dhabi – Mubasher: UAE minister of oil, Suhail Al Mazroui, expected that the demand on oil will rise 1.15 million barrel daily during 2017, according to a press release.
Heading the UAE delegation which participated in the171st OPEC Ministers summit on Wednesday, Al Mazroui added that there is a shrinkage in the supply from the countries outside OPEC by around 780,000 barrels daily for 2016.
Saudi Arabia was agreed on to be the head of the next ministers summit and the UAE to be the deputy, the minister noted.
On Wednesday, OPEC agreed on reducing the oil production by about 1.2 million barrels to 32.5 million barrel by the beginning of January.
The member countries recommended that the deal will be for six months and could be extendable according to the market circumstances and expectations.
