DUBAI (Reuters) – The energy minister of the United Arab Emirates said on Monday he was confident OPEC+ countries with poor compliance to agreed cuts would meet their commitments and said 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 COVID19, 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.
(Reporting by Rania El Gamal; Editing by Edmund Blair)