Abu Dhabi – Mubasher: Global inventories of crude oil are expected to decline by 200 million barrels after the prolongation of oil production cut deal for nine months, starting 1 July, UAE Energy Minister Suhail bin Mohammed al-Mazroui.
The expected reduction in oil output is expected to help OPEC members reduce oil stockpiles to the five-year average average.
Under the agreement, the Organization of the Petroleum Exporting Countries (OPEC) agreed to to trim production by 1.8 million barrels a day for another nine months.
