Organisation of Petroleum Exporting Countries and Russia, the OPEC+ alliance, agreed to extend production cut to the end of July, during a meeting held yesterday.
UAE termed this decision as a courageous one.
The videoconference meeting was held in an atmosphere of cooperation and a collective determination to maintain a balance in the oil market, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, wrote on Twitter.
“The UAE is proud of its supportive role to the alliance of oil producing countries who made a courageous decision and a collective effort that deserves praise from all participating producing countries,” he added.
Al Mazrouei thanked Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair Alexander Novak, Minister of Energy of the Russian Federation for the efforts made to reach the agreement.
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