Managing the (oil) market is important – UAE officials

UAE Energy Minister said on Tuesday that Iran remains committed to the recent output deal clinched at the OPEC meeting, adding that in order to increase its oil production Iran needs large investment and a long time.

He also said that market share is important for the crude oil cartel, although managing the market is more relevant.

At the moment, crude oil prices remain on the defensive, with the barrel of WTI down more than 2% in the $50.60 region and the barrel of Brent just below the $54.00 mark, losing almost 2%.