UAE minister: OPEC should maintain production cut

The United Arab Emirates’ energy minister said Sunday he does not think oil-producing nations should relax the production cut currently in place.

Suhail al-mazrouei spoke to reporters on the sidelines of a meeting in

Saudi Arabia of the world’s major oil producers. His comments suggested there’s support within the OPEC oil cartel to extend the 1.2 million barrels a day cut in place since January.

“I don’t think, as the UAE, that today from the market conditions that we are seeing that relaxing the cut is the right measure,” he said.

He added that there have not been major oil shortages in the market from U.S. sanctions on Iranian and Venezuelan oil exports.