U.A.E. Minister Sees ‘Logic’ in Oil-Cuts Extension Beyond June

3 May 2017   OPEC

Output limits are helping re-balance crude market: Al Mazrouei Extension in cuts must be consensus decision, minister says OPEC and allied oil producers should extend their collective production cuts into the second half of the year when an expected upturn in demand will help to re-balance the crude market, United Arab Emirates Energy Minister Suhail Al Mazrouei said. All countries participating in the cuts must agree to any extension, he said Tuesday in the U.A.E. capital Abu Dhabi. The Organization of Petroleum Exporting Countries and other major suppliers including Russia agreed to pump less oil during the first six months of the year to try to counter a global oversupply weighing on prices. Suhail Al Mazrouei Photographer: Akos Stiller/Bloomberg “There is a major logic in continuing the cut, but it’s a consensus decision and not an individual one,” Al Mazrouei said. The production decrease is working, and the market […]

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