ABU DHABI - The current rise in oil prices is backed by strong demand growth and a fall in oversupply on the back of the OPEC-led supply cut pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday.
"We don't look at the price in a day and say we are in a point where we need to do changes. We need to give the market time," Mazroui, who holds OPEC presidency this year, told an industry conference.
"I don't think any fundamentals have changed for us to consider (a change in the output agreement) or panic."
(Reporting by Rania El Gamal, Maha El Dahan, Stanley Carvalho; editing by Jason Neely)