According to information from the Arab Emirates Energy Minister Suhail Al Mazrouei, in an interview with the Al-Arabiya television channel, the expectation is that in the first quarter of this year, the oil market can achieve the balance between supply and demand. Stabilization is one of the aspirations of OPEC members and partner producer countries.
The organization and other producers, such as Russia, have been striving to reduce supply. The cut in oil production began in 2016 and has been renewing itself. For this year, OPEC, Russia and allies agreed to reduce oil supply by 1.2 million bpd on January 1, 2019. Mazrouei pointed out that the balance will only occur because most of the OPEC and allied countries are doing their part for reduction in production.
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