By: Ramy Sameeh
Mubasher: It is too early to speak about taking additional steps regarding cutting oil production, said UAE energy minister on Thursday.
“We’ve taken a decision in OPEC and are bound to it. We do not want to anticipate events concerning more output reduction steps for now”, said Suhail Al Mazrouei on the sidelines of Strategic Partners meeting organised by Ministry of Energy.
Major Gulf oil companies announced cutting their oil production and had talks with buyers, confirming our commitment to the agreement, he added.
“I call on all OPEC members to follow the lead of Gulf countries and notify markets and buyers with their production cut,” said Al Mazrouei.
We expect implementing the decision and cutting crude production to have a positive impact on correction movements in markets, the minister added.
Translated by: Abdel-Rahman Mamdouh
