United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday he remains optimistic about achieving a market balance during the first quarter of 2019.
He said his view was in light of the production cut recently agreed by OPEC and its allies, according to his official Twitter account.
As we start a new year, I remain optimistic toward achieving the market balance during the 1st quarter after OPEC and Non-OPEC production cut. At this time last year we remember the same pessimistic views which we disagreed with and as we expected 2018 was a good year— سهيل المزروعي (@HESuhail) January 1, 2019
OPEC and its Russia-led allies agreed in December to slash oil production from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts.