July 16, 2020, 18:42


UAE Will Continue to Comply With OPEC-Non-OPEC Oil Output Cut Deal – Minister

UAE Will Continue to Comply With OPEC-Non-OPEC Oil Output Cut Deal – Minister

DUBAI (Sputnik) – UAE Energy Minister Suhail Al Mazrouei said his country would continue to follow the production restricting agreement by OPEC countries and a number of non-cartel producers, until the oil market is re-balanced.

“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” Al Mazrouei wrote on Twitter.

The minister also noted that in February, the UAE will fulfil or even exceed its obligations to restrict production in accordance with the OPEC-non-OPEC agreement.

READ MORE: Iran Says Riyadh, UAE Have Turned OPEC Into US ‘Tool’

On December 7, the participants of the oil output cut deal agreed to reduce overall production by 1.2 million barrels per day starting from 2019, with a view of signing the charter on future long-term cooperation in the first quarter of the year. OPEC member states will cut production by 800,000 barrels per day and non-OPEC countries by 400,000 barrels per day.

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