Mubasher: United Arab Emirates Energy Minister, Suhail Al-Mazroui, expected further oil production cut in the next meeting between OPEC producers and non-OPEC exporters on 10 December.

He added that the meeting will include an additional output reduction from non-OPEC producers, expecting a 600,000 additional barrels to be cut, so that the reduced total will reach 1.8 million barrels.

The minister noted that Russia has pledged to reduce output by 300,000 barrels a day, adding that the remaining 300,000 are not a big deal to be reduced by the rest of non-OPEC countries, especially that the meeting will include 14 countries.

The cut will help the market to rebalance in the first half of 2017, Al-Mazroui said at the 2016 Bloomberg Markets Most Influential Summit in Abu Dhabi.