UAE: OPEC and its allies want to extend cooperation after 2018
Tuesday, February 20, 2018
H.E Suhail Al Mazrouei, UAE Energy Minister, said on Tuesday that OPEC and its non-OPEC oil producers would continue to cooperate beyond 2018 in order to avoid any oil glut or future shortages.
H.E Al Mazrouei said that monitoring the oil market after 2018 is the minimum that OPEC and other producers involved in the cut-off agreement could do, and he added that a cooperation framework is expected to be presented to all members next June.
He said at an energy conference held in London that UAE, Saudi Arabia and Russia are supporting the extension of energy cooperation beyond 2018.
H.E Al Mazrouei confirmed that UAE would achieve a commitment in reducing production higher than the required in the first quarter, due to maintenance and compliance with the OPEC agreement.
In November 2016, producers came out with an agreement to cut 1.8 million barrels of oil per day, compared with the peak of production in October 2016.
* Source: Rueters - Translated by MOEI