Suhail Mohammad Al Mazrouei, UAE's Minister of Energy Image Credit: Gulf News Archives

Dubai: The oil market should reach a balance between supply and demand in the first quarter of this year, United Arab Emirates’ Oil Minister Suhail Al Mazrouei told Al-Arabiya television on Monday.

He said he was satisfied with the implementation of an agreement to cut supply by the Organisation of the Petroleum Exporting Countries and allies, including Russia.

Opec, Russia and other non-Opec producers — an alliance known as Opec+ — agreed in December to reduce supply by 1.2 million bpd from Jan. 1.

Mazrouei said it was premature to discuss compensating crude output losses in some of the exporting countries.

Iran, Libya and Venezuela registered falls in output as a result of unrest and trade sanctions.