UAE energy minister expects average oil price of $70 in 2019

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© Reuters. FILE PHOTO: UAE's Oil Minister OPEC President Al Mazrouei addresses a news conference after an OPEC meeting in Vienna© Reuters. FILE PHOTO: UAE’s Oil Minister OPEC President Al Mazrouei addresses a news conference after an OPEC meeting in Vienna

ABU DHABI (Reuters) – United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday he expects an average of $70 a barrel in 2019 on the back of an agreement to cut output by OPEC and non-OPEC oil exporters.

The Organization of the Exporting Countries and other leading global oil producers led by agreed in December to cut their combined oil output by 1.2 million barrels per day in order to balance the oil market starting from January.

“Today, we look at an average year of around $70 for ,” Mazrouei said at an industry news conference in Abu Dhabi, adding that this level would help encourage global oil investments.

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Source: Investing.com