UAE Minister spoke about world oil reserves

© RIA Novosti / Alexei Vitvitskiy in fotomancer of energy of the UAE Suhail Mohammed al-mazroui. Archival photoUAE Minister spoke about world oil reserves© RIA Novosti / Alexei Vitvitskiy the image Bank

World oil reserves are currently more than 118 million barrels above the average five-year values, said the Minister of energy of the UAE Suhail al-Mazrui.

«We still have more than 118 million barrels of surplus over the five-year average values. We need to continue the work,» he said within the opening speech at the meeting of the monitoring Committee of OPEC+.

The decline in commercial stocks of crude oil and petroleum products in the world to average over the last 5 years is the main purpose of the transaction OPEC+ reduction of oil production.

Al-mazroui also said that UAE fully comply with the terms of the transaction.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. In November 2017, the parties extended it until 2018. The next OPEC summit will be held on 22 June 2018 in Vienna.

To monitor compliance with the agreement and recommendations for its improvement was created by the Ministerial monitoring Committee, which meets once in two months. It includes the representatives of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia. In Oman on Sunday held a regular meeting of the monitoring Committee.

UAE Minister spoke about world oil reserves© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC