Suhail Al-Mazrouei, UAE Energy Minister, said on January 1 that he is optimistic about achieving market balance during Q1, 2019, Reuters reported.

Al-Mazrouei based his viewpoint on the decision of extending oil production cut that OPEC and its allies took during their meeting in Vienna on December 6, 2018.

OPEC decided to cut around 0.8 million barrels per day (b/d) from January, 2019. Meanwhile, non-OPEC countries will collaborate reducing production by 0.4 million b/d.