The energy minister from the United Arab Emirates (UAE) said on Tuesday that OPEC+ oil producers will stick to their plans to taper oil production cuts from January.
OPEC+ – producers from the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia – have been reducing output since January 2017 in a bid to balance the market, support prices and reduce inventories.
They are currently curbing production by 7.7 million barrels per day, down from 9.7 million bpd.
“It will be reduced again at the end of this year as we walk to 2021,” Suhail al-Mazrouei told the Energy Intelligence Forum.
