DUBAI (Sputnik) — The Organization of the Petroleum Exporting Countries' (OPEC) strategy on maintaining high oil output is working, as non-OPEC countries have lowered their production, UAE Energy Minister Suhail Mazrouei said Tuesday.
12 January 2016, 18:06 GMT
Earlier in the day, Brent crude reached a 12-year low, majorly due to prolonged global oversupply and the OPEC unwillingness to cut production out of fear of losing market share.
"My assessment of that strategy is that it is working," Mazrouei said at an energy forum in Abu Dhabi, as quoted by UAE-based newspaper The National. "We have seen a major reduction in the yearly production of non-Opec – it is a fundamental change."
According to the energy minister, oil prices may increase in the second half of 2016.
