U.A.E. Minister Sees 'Logic' in Oil-Cuts Extension Beyond June
- Output limits are helping re-balance crude market: Al Mazrouei
- Extension in cuts must be consensus decision, minister says
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OPEC and allied oil producers should extend their collective production cuts into the second half of the year when an expected upturn in demand will help to re-balance the crude market, United Arab Emirates Energy Minister Suhail Al Mazrouei said.
All countries participating in the cuts must agree to any extension, he said Tuesday in the U.A.E. capital Abu Dhabi. The Organization of Petroleum Exporting Countries and other major suppliers including Russia agreed to pump less oil during the first six months of the year to try to counter a global oversupply weighing on prices.