UAE oil minister says job of supply cuts deal “not yet complete”:
"A deal among global producers to cut supplies was working to bring down excess inventories but the “job is not yet complete”, the UAE’s energy minister said as he seeks to extend energy co-operation beyond 2018. Suhail Al Mazrouei said production cuts of 1.8m b/d among oil rich nations had reduced stockpiles by 266m barrels, however they were still around 74m barrels above their five year average levels. “The deal has been working . . .[but the] job is not yet complete”, Mr Mazrouei said on the sidelines of the International Petroleum Week conference in London."
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