OPEC, Russia and other oil producers participating in output cuts have beaten market expectations in meeting their commitments, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
The 24 countries that agreed to cut 1.8 million barrels of output a day beginning last year are committed to balancing the market, Al Mazrouei, who is also president of the Organization of Petroleum Exporting Countries, said Feb.27 in Abu Dhabi.
“I am optimistic that this year we will achieve market balance,” he said.
