Non-Opec producers urged to cut output

Oil producers outside of the Organisation of Petroleum Exporting Countries (Opec) should cut “irresponsible” output with excess supplies harming the market, said the United Arab Emirates energy minister.

The oil market is over-supplied by 2m barrels a day, Mohammed Al Sada, Qatar’s energy minister, said in an interview on the sidelines of a conference in Abu Dhabi.

Opec has produced about 30m barrels a day since January 2013 while global output climbed more than 2m barrels a day to 93.6m, according to data compiled by Bloomberg.