UAE says extra Iran crude supply would harm oil market

The UAE Minister of Energy said that any extra supply of crude oil would “harm the market”, in a reference to Iran.

In the first comment by a Gulf Opec member about Iran since most sanctions were lifted on Tehran, Suhail Al Mazroui said that any new production that comes into the market would delay the time for the market to balance itself.

“… Does Iran have the right to do so? Yes of course they are a member of Opec and are entitled to that … but is this going to help (the) situation? No,” Mr Al Mazroui told reporters on the sidelines of a conference in Abu Dhabi.

“We are having an oversupply and anyone who will introduce more supply in current situation will make it worse,” he said.

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