UAE energy minister says oil stocks building up

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday that global oil inventories are still building up particularly in the United States, and that the job by OPEC and its allies to balance the oil market is not complete yet.

Mazrouei told reporters in Jeddah that conformity with the oil supply cuts are “excellent” and that he was happy with the UAE’s compliance level.

He was speaking ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC producers, including Saudi Arabia and Russia, known as the JMMC, which will discuss oil market situation ahead of a policy meeting in June and could recommend a course of action for the oil producers.