Compliance with OPEC+ oil output cuts is increasing to enhance the market balance, UAE-based Al-Bayan newspaper reported, citing Suhail Al-Mazrouei, UAE Minister of Energy.

 

It is too early to say if OPEC will "intensify" oil output cuts, he said on the sidelines of UNIDO conference held in Abu Dhabi.

 

A decision on output cuts should be agreed in the oil cartel's next meeting upon the recommendations of the technical committee.

 

In July, OPEC and ten non-OPEC partners agreed to extend through March 2020 their 1.2 million bpd production cut agreement, which exempts Iran, Libya and Venezuela.

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