UAE Energy Minister optimistic about energy market balance

Wednesday, 2 January 2019 00:00 - - {{hitsCtrl.values.hits}}

DUBAI (Reuters): United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday he remains optimistic about achieving a market balance during the first quarter of 2019.

He said his view was in light of the production cut recently agreed by OPEC and its allies, according to his official Twitter account.

OPEC and its Russia-led allies agreed in December to slash oil production from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts.

Oil posts first year of losses since 2015