The United Arab Emirates (UAE) plans to continue crude oil supply cuts until the market becomes re-balanced again, according to Minister of Energy and Industry, Suhail al-Mazrouei, Gulf Business reported.
The UAE’s supply reductions for February “will meet, if not exceed, its obligations. This will help to bring balance and stability to the global oil market,” Al Mazrouei pointed out in Twitter.
The Organization of the Petroleum Exporting Countries (OPEC) as well as the non-OPEC producers; such as Russia, have reduced their oil production to overcome the market supply surplus.
“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” Al-Mazrouei added on Twitter.