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UAE to continue oil supply cuts till market is re-balanced: Energy minister

Opec along with major non-Opec producers such as Russia have pledged to reduce their oil production to cut into a supply glut

Reuters  |  Cairo 

UAE Energy Minister says will continue supply cuts until market is re-balanced

The (UAE) will continue to deliver on crude supply cuts under a producer agreement until the global market is re-balanced, Minister of and Industry Suhail al-Mazrouei said on Sunday.

The Organization of the Petroleum Exporting Countries (Opec) along with major non-producers such as have pledged to reduce their production to cut into a supply glut.

"We will continue to deliver on the & non-commitment for voluntary production adjustments, until the global market is re-balanced," al-Mazrouei said on Twitter.

He also added in another tweet that UAE compliance to cut supply for February "will meet, if not exceed, it's obligations. This will help to bring balance and stability to the global oil market."

First Published: Sun, March 10 2019. 09:47 IST
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