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UAE thinks OPEC still need to rise oil prices further

The United Arab Emirates (UAE) will continue to deliver on crude oil supply cuts under a producer agreement until the global market is re-balanced, Minister of Energy and Industry Suhail al-Mazrouei said on Sunday.

The Organization of the Petroleum Exporting Countries (OPEC)along with major non-OPEC producers such as Russia have pledged to reduce their oil production to cut into a supply glut.

“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” al-Mazrouei said on Twitter.

He also added in another tweet that UAE compliance to cut oil supply for February “will meet, if not exceed, it’s obligations. This will help to bring balance and stability to the global oil market.”

Source: Reuters

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