UAE Oil Minister: OPEC has enough power to compensate US sanctions against Iran

UAE Oil Minister: OPEC has enough power to compensate US sanctions against Iran Baku. 14 May. REPORT.AZ/ OPEC has enough spare production capacity to cushion oil markets as the U.S. re-imposes sanctions on Iran.
Energy
May 14, 2018 12:03
UAE Oil Minister: OPEC has enough power to compensate US sanctions against Iran

Baku. 14 May. REPORT.AZ/ OPEC has enough spare production capacity to cushion oil markets as the U.S. re-imposes sanctions on Iran.

Report informs citing the Bloomberg, United Arab Emirates Energy Minister Suhail Al Mazrouei said.

“Don’t worry about supply,” Al Mazrouei told reporters later in Abu Dhabi. “I don’t think there will be issues as a result of sanctions.” OPEC has an adequate “buffer” of potential output, he said.

Al Mazrouei declined to quantify OPEC’s unused production capacity. “We will meet in June to discuss that.”

According to Al Mazrouei, the UAE will seek a certain level of oil prices, which will stimulate investment in the industry.

Notably, the President Trump on May 8, 2018 announced the withdrawal of the US from the Joint Comprehensive Plan of Action (JCPOA) and reintroduction of sanctions against Iran that existed before the agreement. The remaining members of the "six" international mediators (Russia, China, Britain, France, Germany) opposed this step of the United States. The European partners of Washington stated that they intend to continue to observe the terms of the deal with Iran.

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