UAE says largest OPEC+ output cut will have a major impact on rebalancing oil market

UAE's Oil Minister Suhail Mohamed Al Mazrouei talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, November 30, 2017. (Reuters)

United Arab Emirates’ energy minister Suhail al-Mazrouei said on Saturday that an OPEC+ decision to cut oil supply will have a major impact on rebalancing the oil market amid the coronavirus outbreak.

“The group’s decision to cut supply will be the largest ever cut in the history which will help balancing the oil supply and demand,” Al Mazrouei said on Twitter.

The minister thanked Saudi Arabia, which had called for the meeting, during which OPEC led by Saudi Arabia and its allies led by Russia, which together make up the informal OPEC+ group, forged a pact to curb crude production by 10 million barrels per day (bpd) or 10 percent of global supply in marathon talks on Thursday.

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Last Update: Wednesday, 20 May 2020 KSA 09:57 - GMT 06:57