For the Chinese 2018 is the year of the dog, but for UAE Energy Minister Suhail al- Mazrouei 2018 will be “the year of fully correcting the market.”

Mr Mazrouei, beginning his one-year term as Opec president, told the Gulf Intelligence UAE Energy Forum on 11 January that Opec is committed to another “full year” of cuts in accordance with November’s agreement (MEES, 1 December 2017).

For sure, Opec last year secured its first annual output fall since 2014:...