OPEC+ committed to balancing oil market this year

Oil producers participating in output cuts such as OPEC and Russia have beat expectations on the cuts and they are committed to balancing the market, according to UAE Energy Minister Suhail Al Mazrouei said.

"Al Mazrouei is optimistic oil market will achieve balance this year," Bloomberg writes.

He also said that the oil market needs "major investments".

OPEC registered 133% compliance with agreed output reduction targets in January across all participating OPEC and non-OPEC countries, last year the compliance with the deal stood at 107%.