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Sun 12 Apr 2020 10:23 AM

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OPEC+ output cut decision will help balance oil market, says UAE energy minister

The unprecedented 10% reduction in worldwide crude output had looked all but certain but Mexico baulked at the terms and talks have so far failed

OPEC+ output cut decision will help balance oil market, says UAE energy minister

UAE’s Minister of Energy Suhail Al Mazrouei thanked Saudi Arabia for calling the meeting, which saw an agreement reached to cut output by by 10 million barrels per day (bpd).

The UAE’s Minister of Energy Suhail Al Mazrouei said a decision to cut oil supply would help rebalance the oil market.

The minister, who tweeted an image of all those who attended the virtual meeting OPEC+ meeting on Thursday, also thanked Saudi Arabia for calling the meeting, which saw an agreement reached to cut output by by 10 million barrels per day (bpd).

“The group decision to cut supply will be the largest ever cut in the history which will help balancing the oil supply and demand, while the world is united to fight Covid-19,” Al Mazrouei said in tweet.

The unprecedented reduction of 10% in worldwide crude output had looked all but certain, and Russia said it considered the deal done. But Mexico baulked at the terms, and talks with Saudi Arabia have since failed.

President Trump offered a compromise whereby cuts made in the US cuts in its production would count toward Mexico's quota - but Riyadh objected.

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