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OPEC is not the enemy of the U.S., UAE minister says

Reuters  |  ABU DHABI 

By Maha El and Rania El Gamal

(Reuters) - The is not the enemy of the United States, said on Saturday in

"We are complementing each other, we are not enemies here," Mazrouei told an industry conference in Abu Dhabi, addressing the relationship between OPEC and major consuming countries like the

OPEC, and other leading global led by Russia, agreed in December to cut their combined by 1.2 million barrels per day from January in order to balance the

The decision came despite U.S. Donald Trump's calls to to refrain from cutting production, saying it would trigger worldwide.

Mazrouei said he expected an average price of around $70 a barrel for Brent crude this year, an estimate shared by his Omani counterpart who, addressing the same event, said he expected a price of between $60 and $80 a barrel.

The 1.2 million bpd cut should be enough to balance the market, Mazrouei said, expecting the correction to start this month and to be achieved in the first half of the year.

He said there was no need for major to hold an extraordinary meeting before the one planned in April.

"Things are working well," said Oman's Rumhi, whose country is taking part in the supply reduction agreement without being a member of OPEC. He also said there was no need for major exporters to meet before April.

(Reporting by and Maha El Dahan; Writing by Maher Chmaytelli; Editing by Kirsten Donovan)

(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: Sat, January 12 2019. 14:03 IST