Abu Dhabi – Mubasher: The global oil market is expected to stabilise during the first quarter of 2019, as OPEC’s members and a group of independent producers agreed to cut output, the UAE’s energy minister Suhail Al Mazroui said.

“We begin the new year with an optimistic view towards the achievement of a balance in the oil market during the first quarter, especially after the conclusion of OPEC- and non-OPEC memebers’ production reduction agreement,” Al Mazroui posted on Twitter on Tuesday.

In December, OPEC’s members and some independent producers agreed to cut oil output by 800,000 and 400,000 barrels per day, respectively, compared to the production in October.