Abu Dhabi — Mubasher: UAE Energy Minister Suhail al-Mazrouei welcomed oil output cut deal struck by the Organization of Petroleum Exporting Countries (OPEC) along with Russia and its allies.
The UAE’s share of oil production cut amounted to 2.5% of October output, with the likelihood of changing this proportion according to the global market conditions, the minister, who doubles as the president of the oil-exporter bloc, told Bloomberg TV.
The production cut deal required strenuous diplomatic efforts in light of the current ongoing global market dynamics, he said.
On Friday, OPEC agreed with non-OPEC Russia and its allies on significantly cutting oil production, clearing a global supply glut.
The Saudi-dominated oil cartel along with Russia and its allied producers would reduce crude output by a collective 1.2 million barrels per day (bpd), starting next year.
The producer group would cut production by 800,000 bpd, while Russia-led non-OPEC group would handle the remaining cuts.
OPEC said that cuts would last for six months starting in January with a review set for April.
