UAE to Continue Oil Output Adjustments Until Market Rebalances

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Cracking towers stand at the Ruwais refinery and petrochemical complex, operated by Abu Dhabi National Oil Co. (ADNOC), in Al Ruwais, United Arab Emirates, on Monday, May 14, 2018. Adnoc is seeking to create world’s largest integrated refinery and petrochemical complex at Ruwais. Photographer: Christophe Viseux/Bloomberg

The United Arab Emirates will continue to adjust its oil production until the market rebalances, the OPEC member’s energy minister said.

“We will continue to deliver on the OPEC & non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” Suhail Al Mazrouei said on Twitter.

“U.A.E. compliance for the month of February 2019 will meet, if not exceed, its obligations,” he said. “This will help to bring balance and stability to the global oil market.”

Investors last week pushed bullish wagers on West Texas Intermediate crude prices to their highest in a month and cut short-selling bets to the lowest since October, apparently convinced that dwindling global supplies will be more than enough to withstand a weaker economy. Futures in New York ended the week up by a mere 0.5 percent.