UAE: Output Cuts Will Send Oil Prices To ‘Normal’ Levels

The ongoing record production cuts from the OPEC+ group are set to push oil prices up to ‘normal’ levels soon, Suhail Al Mazrouei, energy minister of the United Arab Emirates (UAE), told Washington-based research institute Atlantic Council in a call.  Al Mazrouei didn’t specify what constitutes a ‘normal’ oil price, but as Bloomberg notes, Brent Crude prices averaged $64 per barrel in 2019. This was a much more comfortable level for oil producers in the Persian Gulf and the U.S. alike, compared to the sub-$20…