JIDDAH, Saudi Arabia - The United Arab Emirates’ energy minister said Sunday he does not think oil producing nations should relax the production cuts currently in place. Suhail al-Mazrouei spoke to reporters on the sidelines of a meeting in Saudi Arabia of the world’s major oil producers. His comments suggested there’s support within the OPEC oil cartel to extend the 1.2 million barrels a day cut in place since January. He added that there have not been major oil shortages in the market from U.S. sanctions on Iranian and Venezuelan oil exports. As part of the six-month deal reached in December, OPEC countries, including Saudi Arabia and the UAE, were expected to cut production by 800,000 barrels a day while non-OPEC countries, including Russia, trim 400,000.

Source: thestar May 19, 2019 19:46 UTC