Abu Dhabi: The UAE Energy Minister Suhail Al Mazroui said on Monday that the market is still in the process of being balanced and they are looking at the right level of inventories.

“The market is still in the process of being balanced. The question is: right level of inventories. The market needs some time and the job is not complete,” he told reporters on the sidelines of the Middle East Petroleum and Gas Conference in Abu Dhabi.

He also said that the committee (Joint Ministerial Monitoring Committee) which met in Jeddah last week also concluded that some technical work needs to be done to reach a fair level of inventories for the long run.

“That is something that will be reported to the committee when we meet in June (for Opec meeting).”

In a speech at the conference, he also added: “We are not in the business of looking at prices, we are in the business of market stability and enough investments are going into this important industry.”

Opec and non-Opec producers are restraining production by a total 1.8 million barrels per day to prop up prices under a deal that is to expire at the end of 2018.