Oil demand is expected to pick up during the rest of the year, despite the price fall by the end of the second quarter (Q2), said the UAE energy minister, expressing optimism over the impact of Opec's recent move to extend supply curb into 2018.

There is no need to jump to conclusions before assessing market performance in Q3 and Q4, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, was quoted as saying by Wam, the Emirates official news agency.

The minister has affirmed the UAE's commitment to the collective production cut, calling upon all parties concerned to abide by Opec's decision until the market has recovered.