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Oil market to reach balance in first quarter: UAE energy minister

Reuters  |  DUBAI 

(Reuters) - The should reach a balance between supply and demand in the first quarter of this year, UAE told Al-Arabiya television on Monday.

He said he was satisfied with the implementation of an agreement to cut supply by the Organization of the Petroleum Exporting Countries and allies, including

OPEC, and other non-OPEC producers - an alliance known as OPEC+ - agreed to reduce supply by 1.2 million bpd from Jan. 1.

Mazrouei said it was premature to discuss compensating crude output losses in some of the exporting countries.

Iran, and registered falls in output as a result of unrest and trade sanctions.

"Most OPEC and non-OPEC countries are doing their part" to balance the market, Mazrouei said separately, addressing a conference in

He also called on the to increase the share of renewables and in its power mix, and reduce coal, to address climate change concerns.

(Reporting by and Alex Cornwell; editing by and Jason Neely)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 16:43 IST