UAE OilMin: We are all committed to work together to balance market

UAE oil minister Mazrouei was on the wires, via Sky news, showing their willingness to work with non-OPEC producers in order to balance oil markets.

Key Headlines:

We are all committed in OPEC to work with other producers to find a solution to balance market

Realisation that $40 per bbl is not sustainable

We are seeing day after day that the oil market is moving towards correction

Too early to discuss deal specifics

Output range is the objective, not a firm ceiling; all producers must contribute to market rebalancing

OPEC won’t decide on cuts until after committee meet late Oct.