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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.
Oil prices rose on Wednesday after inventory data showed a big drop in U.S. crude stocks although gains were capped by concerns over fuel demand with mounting global COVID-19 cases.
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