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UAE has cut up to 10 per cent of their oil exports in the last two months in accordance with the Opec agreement on output cuts, energy minister Suhail Al Mazroui said on Monday.
“UAE compliance is 100 per cent and we announce cuts every month. As an extra assurance we are notifying out customers and markets,” Al Mazroui said in Abu Dhabi.
“The level of compliance is continuing to be good for the year.” When asked whether the oil producing countries are planning to extend the output cut agreement beyond March next year, he said it would be decided at the ministerial meeting to be held in Vienna at the end of November.
“We have to decide when we meet whether we are extending time or we are including some of the countries that are not included. This would be addressed at the meeting. We have to discuss it.”
In December last year, the Organisation of the Petroleum Exporting Countries (Opec) and other producers including Russia, Mexico and Kazakhstan, reached a deal to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was depressing oil prices. The agreement, which initially called for a six-month period, was later extended by another nine months to the end of March 2018. Libya and Nigeria are exempt from the agreement. Al Mazroui also said they will achieve below five year average of global oil reserves by next year.
Brent crude oil shed some of its recent gains by falling just over $1 a barrel on Tuesday but healthy demand underpinned prices near $70 (Dh257), a level not seen since 2014’s market slump.
The expected drop in OECD inventories suggests that oil prices will likely be higher in 2018 than originally seen and Brent crude oil price is projected to reach $64 per barrel (/bbl) this year, said
The Sultanate has urged international producers to work in coordination to help sustain resurgent global oil prices that have soared to $70 per barrel for the first time since the calamitous slump of
Oman Daily Observer
Oil’s rise to $70 a barrel for the first time in three years had clear triggers as supplies tighten and demand climbs, yet it still surprised many traders because there were so many reasons for price
U.S. Crude Oil (WTI) traded above the $63 handle on Tuesday, as the American Petroleum Institute (API) reported an exceptionally large draw of 11.19 million barrels of U.S. crude oil inventories for