UAE Oil Minister Says OPEC Has Not Contributed To Oversupply

United Arab Emirates energy minister Suhail bin Mohammed al-Mazrou said on Tuesday that oil market fundamentals had not changed, and the Organisation of the Petroleum Exporting Countries (OPEC) had not contributed to oversupply.

Speaking at an energy conference in Abu Dhabi, he said: “Fundamentals in the market didn’t change, OPEC didn’t contribute to an oversupply … We shouldn’t panic.”

Asked who was oversupplying the market, the United States or Russia, he replied: “We all know that this supply in the past years came from the revolution in shale oil and (if) you look at numbers you will find this.”

He added: “What worries us is that some investors are not going to continue to invest and in three years we will face difficulties finding enough investments in market.”