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UAE confident that Opec+ laggards will meet oil cut commitments

Filed on June 15, 2020

(AFP)

The energy minister of the United Arab Emirates said on Monday that he was confident Opec+ countries with poor compliance to agreed cuts would meet their commitments.

He also said that there were signs that oil demand was picking up as some nations eased lockdowns.

Opec, Russia and allies, known as Opec+, agreed this month to extend production cuts of 9.7 million barrels per day until the end of July. They also demanded that those that had not complied so far made up by making extra cuts later.

"Unless we have another wave of the Covid-19, I think we will see the demand recovery at a pace that is adequate to the cuts we have done," UAE Energy Minister Suhail al-Mazrouei said at a webcast organised by the Atlantic Council.

- Reuters


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