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

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.