23:14 GMT31 October 2020
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    Oil oversupply and the slump in global oil prices are nearing their conclusion, United Arab Emirates (UAE) Energy Minister Suhail Mazroui said Monday.

    ABU DHABI (Sputnik) — In early October, oil prices reached some of the highest post-slump levels after late September's preliminary deal by Organization of the Petroleum Exporting Countries (OPEC) states to set the cartel's output ceiling at 32.5-33 million barrels a day for the whole cartel in a bid to stem the price slump. Crude prices are currently fluctuating between $45-50 per barrel.

    "The end of the fall of oil prices has begun and the glut in the markets will soon come to an end," Mazroui said at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

    ADIPEC 2016, a leading global oil and gas event hosted by Mazroui, is taking place on November 7-10 in the UAE.

    An underinvestment-driven spike in oil prices over the next four years should be avoided by maintaining investment in the sector, he stressed.

    Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016.

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    Tags:
    oil prices, OPEC, UAE
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