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Abu Dhabi, UAEFriday 14 December 2018

UAE Energy Minister optimistic oil producers will comply with supply cut

Opec and non-Opec producers agreed on May 25 to extend an existing supply curb into 2018

Suhail Al Mazrouei is UAE Minister of Energy.
Suhail Al Mazrouei is UAE Minister of Energy.

The UAE Energy Minister is optimistic that oil producers would comply with a supply cut deal and that he expected improvements towards market balance, he said on Wednesday.

The Opec and allied non-OPEC producers agreed on May 25 to extend an existing supply curb into 2018.

"We are optimistic about ... compliance from OPEC and non-OPEC countries and we look forward to ... gradual improvements toward market balance," Suhail bin Mohammed al-Mazroui wrote on Twitter.

"Saudi Arabia and Gulf states (have) an excellent track record of compliance to OPEC decisions and together with Iraq carry most of the cut," he wrote.