OPEC president says oil market is correcting

Crude oil producers slashed July output by 9%

United Arab Emirates (UAE) Energy Minister, Suhail al-Mazrouei on Monday said the global oil market is “correcting”.

Mazrouei who doubles as the Organisation of Petroleum Exporting Countries (OPEC) President, told reporters at an event in Dubai that he expects “everyone” to cut oil supply under a agreement reached earlier this month in Vienna between OPEC and non-OPEC exporters.