UAE Says OPEC+ Deal Will Soon Restore Oil Prices to ‘Normal’
- OPEC+ nations are sticking to their commitments, says minister
- UAE Energy Minister Mazrouei speaks on oil in web conference
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Oil-production limits adopted by a group of major crude suppliers will soon bring prices back to “normal,” according to the energy minister of the United Arab Emirates.
When markets were collapsing as the coronavirus pandemic crushed demand in March and early April, the idea that crude could rise again to $40 a barrel was “a dream,” the UAE’s Suhail Al Mazrouei said during a conference call on Monday. That was before the OPEC+ alliance agreed unprecedented cuts in output.