"We are removing enough oil to correct the market," Mazrouei said.
Based on provisional figures of production levels in January, most oil producing nations were complying to the cuts, Mazrouei said.
The oil market, however, remains highly volatile and prices hover just above USD 60 a barrel after recovering from as low as USD 50 a barrel.
That figure remains far below the USD 85 a barrel oil hit in early October before beginning to slide.
Mazrouei said producers were "doing our best" to stabilise the market.
Oil prices crashed in mid-2014 to below USD 30 a barrel, down from over USD 100 a barrel, due to a glut in supplies and weakening global demand.
The cut helped prices to rebound but they dived again after the producers abandoned the production cuts in mid-2018.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)