Output freeze plans already put in gear – UAE Oil Minister Mazrouei

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