More oil supplies will harm the market – UAE Energy Minister

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The UAE Energy Minister was on the wires stating that anyone who brings more oil to the market shall only harm the market.

    His comments come a day after the sanctions on Iran were lifted, making way for more Iranian oil supply. The Minister did state that Iran has the right to supply extra crude it will not help the situation.

    Iran officially said today that it will boost production by 500kbpd.
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