"Looking at the market we have seen stabilization of inventories, which is good. We stopped the drawdown. There is a small build-up around 7-8 million [barrels] above the five-year average," Mazrouei said before the JMMC meeting.
He also expressed hope for a productive JMMC meeting.
"The market is in good condition. I am expecting the meeting and the report to be good. We still have a job to be completed, we will look at the report and based on fundamentals we will make our recommendation," Mazrouei stressed.
The minister noted that his country had enough spare capacity to compensate oil shortage on the market, pledging that the UAE would not overproduce.
"Talking about my country, we have spare capacity and we are doing it, we will not overdo it, we monitor the inventories and production from other countries, we will listen to it today," he added.
Russia Interested in Continuing Work of OPEC-Non-OPEC Committee
Russia is interested in continuing work of the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC), which could serve as a basis for the implementation of large-scale projects in the industry, Russian Energy Minister Alexander Novak said on Sunday.
Novak held a meeting with his Saudi counterpart Khalid Falih on Saturday ahead of the committee's meeting in the Algerian capital of Algiers.
"Russia is interested in continuing the work of the Joint Ministerial Monitoring Committee, which has proved its effectiveness. We are ready to discuss the expansion of its functionality regarding the exchange of information about the situation on the oil markets. Moreover, large-scale projects in the industry with the participation of companies from OPEC-non-OPEC cooperation members can be implemented on its basis," Novak was quoted as saying by the Russian Energy Ministry's press service.
Libya Enjoys Highest Oil Output Since 2013
Libya has currently been registering best oil production figures since summer of 2013, with the September output remaining unaffected by the ongoing internal conflict, Libyan National Oil Corporation (NOC) chairman Mustafa Sanalla told Sputnik on Sunday.
"We have good figures, highest figures since July 2013, more than 1 million barrels per day. [The internal conflict] didn’t have any effect on oil production, we are operating normally," Sanalla said ahead of the JMMC meeting in Algiers.
OPEC, Non-OPEC Should Make Proposals for 2019 Oil Output Before December — Saudi Minister
Saudi Energy Minister Khalid Falih on Saturday urged the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers to work out proposals for 2019 oil production before the Vienna ministerial meeting in December.
“As we approach the end of the year, we must start working on our plans for collective action in 2019. We must use the remaining time before the ministerial meetings in December to prepare proposals for 2019 oil production,” Falih said at the opening of the JMMC meeting in Algiers.
OPEC-Non-OPEC Joint Committee Not to Discuss Oil Production Boost in Algiers
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) is not going to discuss the increase in oil production during Sunday's meeting in Algiers, Kuwait’s Oil Minister Bakheet Rashidi told Sputnik.
"No, we are talking about reading the numbers to see the market behaviors in the last three months. Based on the numbers and the conformity of the members we will ensure that the market has enough oil to ensure stability," Rashidi said when asked if the JMMC may discuss the increase in OPEC-non-OPEC production beyond one million barrels a day as greed in June.
Rashidi added that the committee was still deciding which functions might be included in the committee's potentially expanded mandate in 2019.
"So far, the JMMC will continue, we are looking for some kind of platform to ensure coordination between OPEC, non-OPEC in the coming year. We are still discussing it," the minister added.
Oil Production Boost Not Discussed at OPEC-Non-OPEC Monitoring Committee's Meeting — Oman
The OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC) did not discuss the boost of oil production over one million barrels per day during the meeting in Algiers, Oman's Oil and Gas Minister Mohammed Rumhi said on Sunday.
"No," Rumhi told reporters after the JMMC ended when asked if the ministerial monitors discussed the further boost in production.
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) is discussing the implementation of a recently-agreed production boost of 1 million barrels per day on Sunday.
The next meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers will take place on November 10-11 in the capital of the United Arab Emirates, a source close to the talks told Sputnik on Sunday.