Oil market improving, UAE complying 100% with cut: Energy minister


Essam al-Marzouq was speaking to reporters at an industry event with other Gulf oil ministers including Saudi Arabia's Khalid al-Falih in Abu Dhabi.

Media reports cited sources as saying last week that Riyadh wants the Organization of the Petroleum Exporting Countries (OPEC) to extend the agreement into the second half of the year.

In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.

The country's crude oil export stood at 6.957 million barrels per day in February 2017, as compared to 7.713 million barrels per day in January, according to JODI data.

One African country has expressed interest in joining, Marzouq said, without identifying it.

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"Our target is the level of inventories".

OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year in a bid to shore up prices. "This is the main indicator for the success of the initiative", Falih said.

However, still-large inventories and higher output from some producers such as the United States - which is not participating in the supply accord - have limited the rally.

Omani Oil and Gas Minister Mohammad bin Hamad al-Rumhy said a "quite high" number of producers favoured extending the supply restraint agreement.