The UAE will remain committed to the global oil output reduction deal to eliminate the remaining glut on the market which amounts to 100 million barrels to reach the average target of the coming five years, said a report citing the minister of energy and industry.
Opec and non-Opec commitment to the cut deal has significantly contributed to reducing large amounts of global crude reserves by more than 220 million barres at OECD countries since the beginning of 2017 as compared to the average recorded over the previous five years, remarked Suhail bin Mohammed Faraj Faris Al Mazrouei.
"Compliance to the Declaration of Cooperation announced during the Opec Ministerial meeting on November 30, 2017, to cut oil output by a combined 1.8 million b/d amounted for the first time in history to 129 per cent in December 2017 among Opec’s 24 member and non-member nations," he added.
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