March 12, 2019 / 4:12 PM / 12 days ago

United Arab Emirates exceeded OPEC target cuts in February: energy minister

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna, Austria December 7, 2018. REUTERS/Leonhard Foeger/File Photo

HOUSTON (Reuters) - The United Arab Emirates in February exceeded its OPEC target for oil production cuts, achieving 119 percent of its goal, the country’s energy minister said on Tuesday at an energy conference.

Energy Minister Suhail al-Mazrouei said he met with financial executive attending the CERAWeek energy conference to discuss the challenges for financing oil and gas production. OPEC and its allies have instituted production cuts in an effort to shrink global oil stocks and prop up crude prices.

Reporting by Florence Tan; Editing by David Gregorio

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