Speaking to reporters in Abu Dhabi on late-Monday, UAE Oil Minister Suhail Mazrouei noted that the UAE has already implemented output freeze plans agreed by a number of major oil producing countries in order to reduce global market glut.
Key Quotes:
Current prices are forcing everyone to freeze. So I think it is happening as we speak
It does not make any sense for anyone to increase production at current prices
We hear about a meeting. I have not received an official invitation for an OPEC and non-OPEC meeting
If there is an invitation, the UAE is always cooperating within OPEC
(Market News Provided by FXstreet)
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