Pump jacks seen on the Bakken Shale Formation, near Williston, North Dakota. – AFP
DUBAI: A global oil output cut by 1.8 million barrels a day would be enough to balance the market, and Opec is ready to take further action if prices fail to stabilise, United Arab Emirates (UAE) Energy Minister Suhail Al Mazrouei said.
Supply and demand for crude should be balanced by mid-2017, his Nigerian counterpart Emmanuel Ibe Kachikwu said.
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