DUBAI (Reuters) – The oil market should reach a balance between supply and demand in the first quarter of this year, UAE Energy Minister Suhail Al Mazrouei told Al-Arabiya television on Monday.
He said he was satisfied with the implementation of an agreement to cut supply by the Organization of the Petroleum Exporting Countries and allies, including Russia.
OPEC, Russia and other non-OPEC producers – an alliance known as OPEC+ – agreed to reduce supply by 1.2 million bpd from Jan. 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.
Reporting by Maher Chmaytelli and Alex Cornwell; editing by Louise Heavens and Jason Neely