January 12, 2019 / 6:52 AM / 4 days ago

UAE energy minister says average oil price in 2018 was $70 a barrel

FILE PHOTO: UAE Energy Minister Suhail al-Mazrouei addresses a news conference after an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader/File Photo

ABU DHABI (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday the average oil price in 2018 was $70 a barrel.

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

“Today we look at an average year of around $70 for Brent,” Mazrouei told an industry news conference in Abu Dhabi, adding that this level would help encourage global oil investments. An energy ministry spokesman said the minister was referring to the average oil price in 2018.

(This story was officially corrected to show that Mazrouei was talking about average oil price in 2018 and not in 2019.)

Reporting by Rania El Gamal and Maha El Dahan; Writing by Maher Chmaytelli; Editing by Kim Coghill

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