UAE Energy Min: Our strategy would require reducing oil production

The UAE Energy Minister Suhail al-Mazrouei was out on the wires in the last hour, saying that there is a risk of build up in oil inventories in 2019 but remain confident that OPEC+ will act to prevent inventory buildup next year consensus building.

Key quotes:

   •  Confident OPEC+, including Russia ready to support a decision in Dec. to balance the oil market.
   •  OPEC will do what is needed to keep the market stable.
   •  Oil production is above expectations. 
   •  We need to change our strategy to adjust production. 
   •  Our strategy would require us to reduce oil production. 
   •  UAE will support OPEC decision to balance the market in Dec.
   •  We have cut in the past and adhered to our output target.
   •  If we need to cut again, we will do it.