UAE Energy Minister Suhail Al-Masroui told reporters on Wednesday that additional oil production and export cuts announced earlier this week by Saudi Arabia and Russia “will be enough to balance the market.”

“We will not participate in any further cuts now,” he added.

Saudi Arabia, the world’s biggest crude exporter, said on Monday it would extend a voluntary production cut of one million barrels a day until August.

Russia and Algeria in August offered to cut their production and export levels by 500,000 barrels per day and 20,000 barrels per day, respectively.

However, investors are still concerned about oil demand after business surveys showed a slowdown in global factory activity due to lower demand in China and Europe.

Oil prices fell on Wednesday, erasing the previous session’s gains and masking the impact on oil prices amid fears that a global economic slowdown will curb fuel demand.

“Oil prices are again under pressure due to continued concerns about the global economic slowdown and rising interest rates in the US and Europe,” said Tomomichi Akuda, chief economist at Mitsubishi UFJ Research and Consulting.

“We expect the market to continue to move in both directions for some time, focusing on economic indicators in China and central banks’ monetary policy,” he said, expecting Brent crude to trade around $75 a barrel.

Further supply cuts were caused by production cuts announced by Saudi Arabia and Russia for August.