The UAE Minister of Energy, Suhail Al Mazrouei, held a meeting with Khalid bin Abdulaziz Al Falih, Saudi Arabia's Minister for Energy, Industry and Mineral Resources, discussed the developments in the oil market during a meeting in Astana, Kazakhstan’s capital, on the sidelines of the science and technology summit of the Islamic Cooperation Organisation.
The two ministers expressed their relief over the improvement in the market fundamentals, said a report.
Al Mazrouei stressed that Abu Dhabi National Oil Company (Adnoc) had reduced its crude oil allocations by 10 per cent for September and October, and that it would notify its clients and the market of the actual changes in its shipment schedule on a monthly basis to prove its transparency and promote the credibility of the UAE, in terms of its commitment to the targeted oil production levels, as per the co-operation declaration.
Al Falih hailed the efforts of the UAE to rebalance the market, the report said.
Both ministers agreed that the extension of the Vienna agreement on output cuts after March 31, 2018, would be discussed at the right time, as per the needs of the market fundamentals.
The two countries will continue to deepen and develop their scope of co-operation in a range of important areas, including conventional and renewable energy sectors, it said.