1-MIN READ

UAE Confident That OPEC+ Laggards Will Meet Oil Cut Commitments

FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

OPEC, Russia and allies, known as OPEC+, agreed this month to extend production cuts of 9.7 million barrels per day until the end of July. They also demanded that those that had not complied so far made up by making extra cuts later.

  • Reuters
  • Last Updated: June 15, 2020, 10:29 PM IST
Share this:

The energy minister of the United Arab Emirates said on Monday he was confident OPEC+ countries with poor compliance to agreed cuts would meet their commitments and said there were signs that oil demand was picking up as some nations eased lockdowns.

OPEC, Russia and allies, known as OPEC+, agreed this month to extend production cuts of 9.7 million barrels per day until the end of July. They also demanded that those that had not complied so far made up by making extra cuts later.

"Unless we have another wave of the COVID19, I think we will see the demand recovery at a pace that is adequate to the cuts we have done," UAE Energy Minister Suhail al-Mazrouei said at a webcast organised by the Atlantic Council.

Next Story
Loading