UAE energy minister hints at support for oil production cuts – Fox News

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    Saudi Minister of Energy, Market and Mineral Resources Khalid al-Falih prepares to chair a conference of energy ministers from OPEC and its allies to discuss prices and production cuts, in Jiddah, Saudi Arabia, Sunday, Might 19,2019 The conference happens as stress flare in the Persian Gulf after the U.S. purchased bombers and a warship to the area over an inexplicable hazard they perceive from Iran, which comes a year after the U.S. unilaterally pulled out of Tehran’s nuclear handle world powers and reimposed sanctions on Iranian oil. (AP Photo/Amr Nabil)

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    Energy ministers from OPEC and its allies meet to discuss costs and production cuts, in Jiddah, Saudi Arabia, Sunday, May 19,2019 The meeting occurs as tensions flare in the Persian Gulf after the U.S. ordered bombers and a carrier to the area over an inexplicable risk they perceive from Iran, which comes a year after the U.S. unilaterally pulled out of Tehran’s nuclear handle world powers and reimposed sanctions on Iranian oil. (AP Photo/Amr Nabil)

JIDDAH, Saudi Arabia– The United Arab Emirates’ energy minister states he does not believe unwinding the oil production cuts in location is the ideal measure.

Suhail al-Mazrouei talked to reporters Sunday on the sidelines of a meeting of the world’s major oil manufacturers. His comments suggest there’s support within OPEC to extend the 1.2 million barrels a day cut in place given that January.

As part of the six-month offer reached, OPEC nations, consisting of Saudi Arabia and the UAE, were expected to cut production by 800,000 barrels a day while non-OPEC nations, consisting of Russia, trim 400,000

The cuts were targeted at propping up oil costs after a sharp fall last year. Oil is now trading above $70 a barrel and closer to what’s required to stabilize state spending plans among Persian Gulf manufacturers.

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