UAE: Latest Output Cuts Are Enough To Balance The Oil Market

The latest oil production and export cuts announced earlier this week by the OPEC+ leaders – Saudi Arabia and Russia –should be sufficient to bring the oil market back to balance, Suhail Al Mazrouei, the energy minister of the United Arab Emirates (UAE), said on Wednesday. “This is enough to assess the market and look at the market balance,” Al Mazrouei told reporters today, as carried by Reuters. However, the UAE, a major OPEC producer, will not be doing any fresh production cuts, the minister added.   On Monday, Saudi…