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Thursday, 22 December 2016

U.A.E. Expects Oil Prices to Rise More on Global Production Cuts - Bloomberg

U.A.E. Expects Oil Prices to Rise More on Global Production Cuts - Bloomberg:
"Oil prices may rise even more once investors see that OPEC and other major producers are fulfilling an agreement to cut production to curb the global glut, United Arab Emirates Oil Minister Suhail Al Mazrouei said.

OPEC is committed to the decision to reduce output and it’s too early to talk about any additional steps it may take, Al Mazrouei told reporters in Abu Dhabi. Eleven non-OPEC nations said Dec. 10 they will reduce output by 558,000 barrels a day, adding to a Nov. 30 OPEC pledge to cut 1.2 million starting in January.

“When the market sees the agreement is being implemented, and we hope it will be an effective agreement that will be implemented, and when they see the reduced supply in the market, I am sure this will be positive” for prices, Al Mazrouei said."

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