DUBAI, United Arab Emirate, Feb 12 (NNN-WAM) – The United Arab Emirates’ (UAEs’) Minister of Energy, Suhail Al Mazroui, said that, he expected the oil market to reach balance in the first quarter of 2019.
Mazroui told Al Arabiya news channel that he was satisfied with the agreement on supply cuts by the Organisation of the Petroleum Exporting Countries (OPEC).
OPEC, Russia and other non-OPEC producers agreed last Dec, to reduce oil supply by 1.2 million barrels per day, starting from Jan 1.
Some OPEC members, such as Libya and Venezuela, as well as, Iran, which suffers sanctions from the United States, have suffered from output decrease caused by political turmoil.– NNN-WAM
