The United Arab Emirates, UAE Energy Minister Suhail Al Mazrouei, has predicted that the oil market should reach a balance between supply and demand in the first quarter of this year.
He told Al-Arabiya television on Monday, that he was satisfied with the implementation of an agreement to cut supply by the Organization of the Petroleum Exporting Countries, OPEC, and allies, including Russia.
The OPEC Russia and other non-OPEC producers via an alliance known as OPEC+ agreed to reduce supply by 1.2 million bpd from January 1.
Mazrouei said it was premature to discuss compensating crude output losses in some of the exporting countries.
Iran, Libya and Venezuela registered falls in output as a result of unrest and trade sanctions.
“Most OPEC and non-OPEC countries are doing their part” to balance the market, Mazrouei said separately, addressing a conference in Dubai.
He also called on the United States to increase the share of renewables and natural gas in its power mix, and reduce coal, to address climate change concerns.