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UAE energy minister hints at support for oil production cuts


The United Arab Emirates’ energy minister says he does not think relaxing the oil production cuts in place is the right measure.

Suhail al-Mazrouei spoke to reporters Sunday on the sidelines of a meeting of the world’s major oil producers. His comments suggest there’s support within OPEC to extend the 1.2 million barrels a day cut in place since January.

As part of the six-month deal reached, OPEC countries, including Saudi Arabia and the UAE, were expected to cut production by 800,000 barrels a day while non-OPEC countries, including Russia, trim 400,000.

The cuts were aimed at propping up oil prices after a sharp fall last year. Oil is now trading above $70 a barrel and closer to what’s needed to balance state budgets among Persian Gulf producers.



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