The global oil market is “correcting”, UAE energy minister Suhail al-Mazrouei told reporters on Monday.
He said at an event in Dubai that he expects “everyone” to cut oil supply under a agreement reached earlier this month in Vienna between OPEC and non-OPEC exporters.
Oil prices steadied on Monday after slipping by around 2 percent last week, but remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand, Reuters reported.
Some investors doubt the planned cuts would be enough to rebalance markets, however.
