U.A.E. Says OPEC Is Committed to Supply Cuts Through 2018
- Oil inventories need to drop by 100 million barrels: Mazrouei
- OPEC, non-OPEC producers seen boosting compliance with cuts
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OPEC will stick with production cuts for the rest of the year as the group makes headway toward its goal of clearing an oversupply of crude, United Arab Emirates Energy Minister Suhail Al Mazrouei said Thursday.
Oil demand showed surprising growth in 2017, and compliance with output cuts by the Organization of Petroleum Exporting Countries and allied producers increased in spite of higher crude prices, he said at a conference in Abu Dhabi. The market still has room for improvement, said Al Mazrouei, who is serving as OPEC’s president for 2018.