Abu Dhabi – Mubasher: The UAE plans to further slash crude oil supply under an output cut deal which aims to strike balance in the global oil market, the GCC nation’s minister of energy and industry Suhail Al-Mazrouei said.
The Organization of Petroleum Exporting Countries (OPEC) along with Russia and its allied producers agreed to lower oil production last December in a bid to clear a global supply glut.
“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” Reuters reported, citing Al-Mazrouei as saying on Twitter.
For his part, Saudi Arabia’s oil minister Khalid al-Falih said that it would be too early to reconsider oil cuts led by OPEC and its partners in its next meeting in April.
Meanwhile, Kuwait’s oil minister Khalid al-Fadhil said “current oil prices are good for producers and consumers, as consumer countries see that a price between $60 and $70 is a good price for everyone,” according to Kuwaiti newspaper Al-Rai.
