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    Persons stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna, Austria, Saturday, Dec. 10, 2016

    UAE Energy Minister: OPEC, Non-OPEC Producers Increase Output Cuts Compliance

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    HOUSTON (Sputnik) - OPEC member countries and non-cartel producers increased their compliance with the deal to cut oil production in February, Energy Minister of the United Arab Emirates (UAE) Suhail Mazrouei told Sputnik on Monday.

    "Overall I’m happy with it. February becomes the second month that we are climbing up on compliance. There are, of course, some countries that we are working with, we need them to comply a bit more, but more information is needed", Mazrouei said on the sidelines of the CERAWeek conference in Houston, Texas.

    Meanwhile, Suhail Mazrouei laso told Sputnik on Monday that the UAE expects Russia to comply with the terms of the agreement of the OPEC.

    READ MORE: Russia Unable to Quickly Reduce Oil Output Under OPEC-non-OPEC Deal – Minister

    "The compliance of certain countries that have informed us is going to be gradual — like Russia, for example. We are expecting them to fully meet [its quota] in the near future", Mazrouei said on the sidelines of the CERAWeek conference in Houston, Texas.

    Russian Energy Minister Alexander Novak said early last week that Russia would reach a reduction in oil output under the OPEC-non-OPEC deal by the agreed volume of 228,000 barrels per day by April.

    The UAE cut oil output in February by a little more than it pledged under the OPEC-non-OPEC deal, Mazrouei added.

    "The UAE compliance in February is continuing to be great, we are committed to fully comply with our share of the cut. Our February numbers came a little above the required cut, but it happens from month to month — you can get a little more", Mazrouei said on the sidelines of the CERAWeek conference in Houston, Texas.

    READ MORE: OPEC to Postpone Policy Decision Until June Amid Solid US, China Demand

    On 7 December, participants of the OPEC-non-OPEC oil output cut deal, which has been in force since early 2017, agreed to reduce overall production by 1.2 million barrels per day starting from 2019, with a view of signing the charter on future long-term cooperation in the first quarter of 2019. OPEC member states will cut production by 800,000 barrels per day and non-OPEC countries by 400,000 barrels per day.

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    OPEC to Postpone Policy Decision Until June Amid Solid US, China Demand
    Russia Unable to Quickly Reduce Oil Output Under OPEC-non-OPEC Deal – Minister
    Tags:
    compliance, oil production, deal, cuts, OPEC, Suhail Mazrouei, UAE, United States
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