Inform buyers of cut, UAE tells OPEC

The United Arab Emirates (UAE) has urged the Organization of Petroleum Exporting Countries (OPEC) to inform its buyers about production cut figures by member-countries. 
In November, OPEC agreed to cut production by 1.2 million barrels per day in order to increase oil prices.
“As you saw, the GCC [Gulf Cooperation Council] companies announced to the consumers that they are about to reduce (production) and we call on all OPEC members that committed to the cuts to take the same steps and inform markets and buyers about the reduction,” UAE energy minister, Suhail Al Mazroui told reporters in Abu Dhabi on the sidelines of a Ministry of Energy event recently. 
Asked whether the UAE will further cut production to support oil prices after Saudi Arabia signalled that it is ready to cut production more than expected, Mazrouei said it’s “too early to speak” about taking additional steps.
“We took a decision already and we are committed to that decision. We don’t want to jump ahead by talking about additional steps (cuts),” he said.
On the impact of the OPEC decision on oil markets, the Minister said the decision will be positive in creating correction in the markets.
“When the market sees that the deal is in effect and they see the impact it has on reducing the oil surplus, we expect this to be positive in creating correction in the market.”
Last week, following OPEC’s cut agreement, oil companies from the Gulf said that they were slashing supplies.
Abu Dhabi National Oil Company (ADNOC) announced a cut of 3 to 5 percent from January, according to Reuters.
Saudi Arabia, Qatar, and Kuwait also announced cuts and plan to inform customers about their decision. 
Other members who are part of the deal are yet to make such announcements. 
Non-OPEC producers, including Russia and Kazakhstan, also said they would reduce output by a total of 558,000 barrels per day.
Oil prices have surged to their highest level since mid-2015 to trade above $57 per barrel. 
Oil prices may rise even more once investors see that OPEC and other major producers are fulfilling an agreement to cut production to curb the global glut, Al Mazroui said.