UAE to continue oil production cuts until markets stabilize

Monday, 11 March 2019 11:27

The UAE will meet if not exceed its obligations to cut oil production in-line with an Organisation of Petroleum Exporting Countries (OPEC) agreement.

That's according to the UAE's Minister of Energy and Industry Suhail Al Mazrouei, who said it will continue to deliver on its promises until the global market was rebalanced.

On Twitter, he wrote: 'We will continue to deliver on the OPEC & non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced.

"UAE compliance for the month of February will meet, if not exceed, its obligations... This will help to bring balance and stability to the global oil market."

More from Business

Disney settles suit over women's pay for $43 million

Walt Disney has agreed to pay $43.3 million to settle a lawsuit alleging that its female employees in California earned $150 million less than their male counterparts over an eight-year period, the plaintiffs' lawyers said in a statement on Monday.
Etihad Airways adds ten new destinations for 2025

UAE carrier Etihad Airways is set to introduce ten new destinations starting in 2025, expanding its global presence as it brings tens of thousands of new visitors to the capital.
Trump pledges new tariffs on Canada, Mexico, China

US President-elect Donald Trump on Monday pledged a 25 per cent tariff on all products from Mexico and Canada from his first day in office, and an additional 10 per cent tariff on goods from China, citing illegal immigration and the trade of illicit drugs.
UAE and Bahrain finalise ICV programmes procedures

The UAE and Bahrain have finalised the procedures required to implement an MoU, signed last January, that fosters cooperation between the National In-Country Value (ICV) Programme and Bahrain’s Value Programme in Industry, known as Takamul.