JIDDAH, Saudi Arabia — The United Arab Emirates’ energy minister says he does not think relaxing the oil production cuts in place is the right measure.
Suhail al-Mazrouei spoke to reporters Sunday on the sidelines of a meeting of the world’s major oil producers. His comments suggest there’s support within OPEC to extend the 1.2 million barrels a day cut in place since January.
As part of the six-month deal reached, OPEC countries, including Saudi Arabia and the UAE, were expected to cut production by 800,000 barrels a day while non-OPEC countries, including Russia, trim 400,000.
The cuts were aimed at propping up oil prices after a sharp fall last year. Oil is now trading above $70 a barrel and closer to what’s needed to balance state budgets among Persian Gulf producers.