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UAE’s Energy Minister Suhail Al-Mazrouei expected oil demand to be better in 2020 and the U.S. shale production to be flat or to decline by 2021. Al-Mazrouei is not worried about Russian reluctance to OPEC+ commitments and that they are confident that Russia will stay in the agreement. Al-Mazrouei continued; referencing that supply would not be an issue, as US producers had overestimated production and they could face some financial challenges in 2020.

UAE Energy Minister Expects Higher Oil Demand in 2020

UAE’s Energy Minister Suhail Al-Mazrouei expected oil demand to be better in 2020 and the U.S. shale production to be flat or to decline by 2021. Al-Mazrouei is not worried about Russian reluctance to OPEC+ commitments and that they are confident that Russia will stay in the agreement. Al-Mazrouei continued; referencing that supply would not be an issue, as US producers had overestimated production and they could face some financial challenges in 2020.

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