Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, on Saturday said that the oil market will be ripe for more price corrections by the end of January 2019 following the deal reached by OPEC and non-OPEC members in December to cut their combined oil output by 1.2 million barrels per day to balance the oil market.

Speaking to the Emirates News Agency (WAM) on the sidelines of the Global Energy Forum which opened earlier today, the minister said the current market conditions are better than those two years ago.

Al Mazrouei also said he did not expect OPEC members Venezuela, Libya or Iran, who effectively have exemptions from the cuts, to increase their oil output in 2019, rather it was more likely their production would decline.

Al Mazrouei said there was no need for OPEC and its allies to meet before April when they are set to decide their output policy for the rest of 2019.

The 1.2 million bpd cut should be enough to balance the market, Mazrouei said, expecting the correction to start this month and to be achieved in the first half of the year.

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