OPEC and major non-OPEC producers such as Russia have pledged to reduce their oil production to cut into a supply glut.
(Bloomberg) --The UAE’s Minister of Energy and Industry has said that the Emirates will continue to adjust its oil production until the market rebalances.
Suhail Mohamed Faraj Al Mazrouei, the UAE’s Minister of Energy and Industry, said “We will continue to deliver on the OPEC & non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced.”
"This will help to bring balance and stability to the global oil market,” added Al Mazrouei.
Investors last week pushed bullish wagers on West Texas Intermediate crude prices to their highest in a month and cut short-selling bets to the lowest since October, apparently convinced that dwindling global supplies will be more than enough to withstand a weaker economy.
The Oil Minister also said that its compliance for the month of February 2019 will meet, if not exceed, its obligations.