The UAE reiterates support to OPEC deal
19 de noviembre de 2020, 16:40Dubai, Nov 19 (Prensa Latina) The United Arab Emirates' Minister of Energy Suhail al Mazroui reiterated on Thursday his country's support to OPEC and its allies in the face of possible cuts in oil production.
The UAE is a member committed to the Organization of the Petroleum Exporting Countries (OPEC), an issue demonstrated by the fulfillment of the commitments established in the deal, Suhail al Mazroui noted at a press conference.
After the encounter of the Joint Ministerial Monitoring Committee, Al Mazroui explained his country raised daily oil production in August due to increased demand in the domestic market.
Previous the Covid-19 outbreak, there was a rise in orders to satisfy electricity generation, he expanded. However, he emphasized that the UAE is a 'transparent and true partner' of the OPEC deal.
The minister of Energy recalled that in June his country voluntarily made production cuts of about 100,000 barrels a day, a level higher than the pumping limit established in the deal between the oil organization and its allies.
We are ready to compensate in October and November the excess in the extractions of August, he underscored.
Al Mazroui added that the cuts agreed among 23 countries are in the order of 9.7 million barrels per day of crude oil, about 10 percent of world supply.
The deal signed in April aims to compensate for the collapse in energy demand caused by the pandemic.
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