By: Ramy Sameh
Abu Dhabi – Mubasher: OPEC and non-OPEC producers are serious in implementing the production cut agreement to help the market for the correction, UAE Energy Minister, Suhail Al-Mazroui, said.
Al-Mazroui added to reports, on the sidelines of the Federal National Council's sessions, that oil prices rebounded on the OPEC last decisions.
On 30 November, OPEC agreed to cut its own production by 1.2 million barrels daily as of next January, to reduce the supply glut and support oil markets.
Non-OPEC producers also agreed on decreasing their production by 558,000 barrels per day, which is lower than the targeted of 600,000 barrels per day.
Production volumes shall be cut by January as agreed, Al-Mazroui noted expecting that the market will be affected positively with the beginning of the production decrease.
Over the last two years, oil prices fell from $115 per barrel in June 2014 to below $30 per barrel in January 2016, on the back of global supply glut.
Translated by: Sara Ghali
