The United Arab Emirates’ Energy Minister Suhail Mohamed al Mazrouei on Wednesday said the freezing of oil production levels by OPEC and Russia will have a positive impact on the market.
‘We believe that sustaining oil production levels will positively help balancing the future demand with the current oversupply in the market’, Mazrouei tweeted.
He said earlier his country supports the Doha oil producers’ freeze agreement if all OPEC members and Russia follow suit.
On Tuesday, OPEC power Saudi Arabia and non-OPEC Russia, the world’s top two producers and exporters, agreed to freeze production at January levels if other big oil nations agree to join in.
Iran however snubbed calls on Wednesday, insisting it is going to maintain its target of raising oil production by 500,000 barrels per day.
