UAE believes additional oil cuts ‘enough’ to balance market
UAE believes additional oil cuts ‘enough’ to balance market
ABU DHABI –
Additional oil output and export cuts made by Saudi Arabia and Russia earlier this week should be enough to help balance the oil market, United Arab Emirates’ energy minister Suhail al-Mazrouei told reporters on Wednesday.
OPEC+, a group comprising the Organisation of the Petroleum Exporting Countries and allies including Russia which together pump around 40% of the world’s crude, has been cutting oil output since November in the face of flagging prices.
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