UAE energy minister says production cuts deal is benefiting global economy

Comments by UAE energy minister Suhail Al Mazroui

• OPEC cuts have removed 85% of the problem of oil surplus
• OPEC, non-OPEC cooperation won't be abandoned when the production cuts deal ends
• Says that gulf countries have enormous reserves of shale

Another OPEC member talking up the production cuts deal. Let's see how things will play out when the Vienna meeting comes in June, but either way I believe that oil prices are very much near the top at current levels - and no amount of OPEC intervention is going to change that.