End of US exports ban will not affect market: UAE

"We don't see this will change the supply and demand balance," UAE Energy Minister

A file photo of H E Suhail Mohammed Al Mazrouei, the UAE Minister of Energy.
A file photo of H E Suhail Mohammed Al Mazrouei, the UAE Minister of Energy.

The end of an oil export ban in the United States will not affect market fundamentals, H E Suhail Mohammed Al Mazrouei, the UAE Minister of Energy said on Tuesday.

"As for the decision in the US, every country has the right to take their own decisions. We don’t see this will change the supply and demand balance," Al Mazrouei told reporters in Abu Dhabi after a meeting between ministry officials and strategic partners.

The US Congress on Friday voted to repeal the 40 year old ban on exporting US crude oil.

Reuters also reported Mazrouei saying that he hoped the oil market would balance during 2016, but the market would have to wait and see at what point of the year this would happen.

"The Ministry of Energy and its partners continue to carry out a new energy strategy that is in line with the (Abu Dhabi) 2021 Vision and includes lifting fuel subsidies and rationalising energy consumption," he said.

The Energy Minister noted that the UAE also plans to cut the use of natural gas in power generation to 70 per cent by 2021 as part of a national strategy to achieve sustainability.

The Federal Electricity and Water Authority in in talks with local governments to find a suitable site for its solar power project, Al Mazrouei, who chairs the board of directors of the Authority, said.

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