Abu Dhabi – Mubasher: UAE Energy Minister Suhail bin Mohammed al-Mazroui said Wednesday that OPEC oil output cut deal will offset the market and improve prices over the coming six months.

He expressed confidence that Russia will cut its oil production in light of the latest compromise, on which OPEC members agreed in Vienna.  

“If OPEC succeeds to curb production by 1.8 million barrel a day, it will be enough to make market balance”, Suhail indicated at Bloomberg Markets summit.

The minister revealed that the markets suffered lack of investments while oil prices tested $40-50 a barrel, adding “we cannot bear another price hike to $100 for another two or three years.”