UAE remains committed to oil cut deal: Mazrouei

Abu Dhabi / WAM

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, according to Suhail bin Mohammed Faraj Faris Al Mazrouei, 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, the minister said in press statements on the Ministry’s premises in Abu Dhabi.
“We are now set to initiate innovative efforts to deliver the future and build on the Declaration of Cooperation reached by OPEC member-and non-member states last year to secure the sustainable development goals,” Al Mazrouei added. The world economic growth has hit record highs unseen since the 2008 global crunch which means more demand is forecast over the coming years, he said, noting oil and gas will account 52 percent of the global energy mix by 2040.
The UAE minister of energy and industry, who has been elected OPEC conference president for 2018, commended the efforts made by Khalid A Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, during his chairmanship of OPEC in 2017, noting that the Saudi minister exerted “unique efforts that added significant values to the international endeavours to stabilise the market and we are determined to pursue the same path and follow on the constructive and fruitful work performed during 2017.”