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UAE Energy Minister: We are ready to help alleviate any shortage of oil supply

BAGHDAD, The UAE Energy Minister Suhail al-Mazroui said that OPEC would seek to comply with the Organization's overall compliance levels for the remainder of 2018 and that the UAE was ready to contribute to alleviating any potential shortage of oil supplies.

Al Mazrouei, who heads the OPEC this year, said in a statement that the Organization will strive to adhere to the overall compliance levels for the remaining period of the "Declaration of Cooperation".

"The joint committee of OPEC producers and independents will monitor the overall commitment.

He said that "the participants in the agreement from OPEC and outside it will not falter in their commitment to contribute to the stability of the market for the benefit of consumers and producers and the global economy."

OPEC agreed with Russia and other producers on June 23 to raise production in July and Saudi Arabia pledged to "calculated" increase without specifying figures.

Source: National Iraqi News Agency