The United Arab Emirates (UAE) Minister of Energy Suhail Al Mazroui said on Monday that he expected the oil market to reach balance in the first quarter of 2019.
Mazroui told Al Arabiya news channel that he was satisfied with the agreement on supply cuts by the Organization of the Petroleum Exporting Countries (OPEC).
OPEC, Russia and other non-OPEC producers agreed last December to reduce oil supply by 1.2 million barrels per day starting from Jan. 1.
Some OPEC members, such as Libya and Venezuela, as well as Iran which suffers sanctions from the United States, have suffered from output decrease caused by political turmoil.
Editor:Cherie
