The United Arab Emirates (UAE) energy minister Suhail bin Mohammed al-Mazrouei said on Monday, addressing the ADIPEC oil conference in Abu Dhabi, that the global oil supply glut was almost gone.
"The glut is almost gone. I think we are at the bottom of this cycle," Reuters cited him as saying.
"What concerns you and us is that we need to continue investing in this industry to ensure we don't see a huge spike 3-4 years from now," he added
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammed Barkindo said consultations between OPEC and non-OPEC producers would continue in coming days and weeks, and he believed it was vital that producers in both camps came together.
