HOUSTON (Reuters) - The United Arab Emirates is accelerating its oil production cuts and expects to meet its commitment to reduce output by 139,000 barrels per day (bpd) by June, its energy minister said on Tuesday.
Suhail bin Mohammed al-Mazrouei told Reuters on the sidelines of the CERAWeek conference in Houston that the OPEC member cut more production last month than it did in January as it phases in compliance with a historic agreement to bring supplies closer to demand.
The Organization of the Petroleum Exporting Countries’ production-reduction pact, which was joined by non-OPEC countries including Russia and Kazakhstan, is intended to reduce global output by about 1.8 million bpd.
The six-month agreement originally took effect on Jan. 1.
Reporting by Marianna Parraga; Editing by Marguerita Choy