UAE's oil minister: Shale oil isn't a huge distorter of the market

UAE energy minister Suhail Al Mazrouei speaks in Abu Dhabi

• Oil market to balance this year
• Shale is coming and expectation is that it will come stronger than 2017
• But it will not be a huge distorter of the market
• Demand for this year is expected to be good if not better than 2017

Earlier, we also had some comments by Kuwait oil minister Bakheet Al-Rashidi in saying that the recent drop in the oil market is "a correction only" and that he expects "shale oil output to be absorbed by rising demand" this year.

Don't think they're too happy about the recent drop in oil prices - as once again it fits the OPEC rhetoric in trying to defend higher oil prices with talks of fundamentals.