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Thu 18 Feb 2016 09:25 AM

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UAE says oil freeze deal will have positive impact on supply-demand balance

UAE's energy minister Suhail bin Mohammed al-Mazrouei said freezing production at January levels will help with current oversupply

UAE says oil freeze deal will have positive impact on supply-demand balance
United Arab Emirates Energy Minister, Suhail al-Mazrouei . (AFP/Getty Images)

UAE's energy minister Suhail bin Mohammed al-Mazrouei said a freezing of oil production levels by OPEC and Russia will have a positive impact on the market.

"We believe that sustaining oil production levels will positively help balancing the future demand with the current oversupply in the market," Mazrouei said on his Twitter account.

He said earlier his country supports the Doha oil producers' freeze agreement if all OPEC members and Russia follow suit.

On Tuesday, OPEC power Saudi Arabia and non-OPEC Russia, the world's top two producers and exporters, agreed to freeze production at January levels if other big oil nations agree to join in.

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