UAE Energy Minister says will continue supply cuts until market is re-balanced

FILE PHOTO: UAE's Oil Minister OPEC President Suhail Mohamed Al Mazrouei addresses a news conference after an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader

CAIRO - The United Arab Emirates will continue to deliver on crude oil supply cuts under a producer agreement until the global market is re-balanced, Minister of Energy and Industry Suhail al-Mazrouei said on Sunday. The Organization of the Petroleum Exporting Countries along with major non-OPEC producers such as Russia have pledged to reduce their oil production to cut into a supply glut.

“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” al-Mazrouei said on Twitter. He also added in another tweet that UAE compliance to cut oil supply for February “will meet, if not exceed, it’s obligations. This will help to bring balance and stability to the global oil market.”

The market is already in balance. The UAE & OPEC are manipulating the market to increase crude prices (a.k.a., increase profit & take advantage of consumers).

Supply cuts = the Chainsaw actions

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