Mubasher: The United Arab Emirates Minister of Energy, Suhail Al Mazroui, told Reutuers on Friday that he hopes global supplies will start tightening in the second half of the year when demand picks up.

"We have seen healthy demand and a flattening of rig counts in the United States,” Al Mazroui told reporters according to the news agency.

"This is the beginning of the third quarter and demand picks up in the third quarter and I hope the agreement will have a significant impact in the third and fourth quarter,” he noted.

"The UAE is committed to its cut," the minister stressed, adding that his country have seen some rise in production in some of the countries that were not part of the agreement because of their special stance.