UAE Oil Minister and the current OPEC Conference President, Suhail Mohamed al-Mazrouei, attends the Global Financial Market Forum in Abu Dhabi on February 27, 2018. / AFP / GIUSEPPE CACACE
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The global deal to rein in oil output has removed "85 percent of the problem" of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail al-Mazrouei.Mazrouei, who also serves this year as president of the Organization of the Petroleum Exporting Countries, isn't concerned that a potential international trade war might upset the crude market, he said Tuesday in a Bloomberg TV interview in Dubai. Russia has been a "great partner" in the cuts agreement, and the majority of participants in the deal are supportive of a longer-term cooperation between OPEC and non-OPEC producers, Mazrouei said.
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