UAE Energy Minister says will continue supply cuts until market is re-balanced

The United Arab Emirates (UAE) will continue to deliver on crude oil supply cuts under a producer agreement until the global market is re-balanced, Minister of Energy and Industry Suhail al-Mazrouei said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC)along with major non-OPEC producers such as Russia have pledged to reduce their oil production to cut into a supply glut. 

"We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced," al-Mazrouei said on Twitter. 

He also added in another tweet that UAE compliance to cut oil supply for February "will meet, if not exceed, it`s obligations. This will help to bring balance and stability to the global oil market."