The United Arab Emirates (UAE), which is a member of the Organization of the Petroleum Exporting Countries (OPEC), will continue to abide by the OPEC’s and non-OPEC members’ commitment to adjust the oil supply in the global market until the demand-supply balance is achieved, OPEC’s President and the UAE’s Minister of Energy & Industry, Suhail Mohamed Al Mazrouei said in a tweet on Sunday.
“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” Al Mazrouei’s tweet said.
Also read: OPEC+ cuts ‘enough’ to balance oil markets: UAE Energy Minister
In another tweet, the minister said, “In line with the OPEC & Non-OPEC agreement, UAE compliance for the month of February 2019 will meet, if not exceed, its obligations. This will help to bring balance and stability to the global oil market.”
The last OPEC and non-OPEC Ministerial meeting held in Vienna, on December 7, 2018 had decided to adjust the overall oil production by 1.2 million barrel per day (mbd), effective as of January 2019 for an initial period of six months.
The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mbd (2.5 percent), and 0.4 mbd (2 percent), respectively, the meeting had decided.
According to the latest Reuters survey, supply from OPEC fell to a four-year low in February, after OPEC+ agreed to a production output last December.
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