UAE: Additional Crude Cuts Could Help Balance Market

Additional oil output and export cuts made by Saudi Arabia and Russia earlier this week should be enough to help balance the oil market, UAE’s Energy minister Suhail Al Mazrouei told reporters on Wednesday.
OPEC+, a group comprising the Organization of Petroleum Exporting Countries and allies, including Russia, which pumps around 40% of the world's crude, has been cutting oil output since November in the face of flagging prices, Zawya.com reported.
Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher, but the move only briefly lifted the market. 
On Wednesday, benchmark Brent futures - traded more than 1% down at $75.30 per barrel, lower than the $80-100 per barrel than most OPEC nations need to balance their budgets.
Mazrouei said the latest additional output cuts are sufficient to assess the market and create a market balance, stressing that the UAE would not be contributing to fresh cuts.