OPEC to discuss deal extension in May – UAE minister

OPEC to discuss deal extension in May – UAE minister
UAE energy minister Suhail Al Mazroui (Photo Credit: UAE energy ministry website)

By: Amr Adel

Abu Dhabi – Mubasher: The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet in Vienna next month to discuss the results of implementing the oil output reduction deal, UAE energy minister Suhail Al Mazroui said on Wednesday.

Based on the findings, we will discuss whether or not there will be an extension to the deal, the minister stated at the 3rd GCC Petroleum Media Forum.

OPEC members agreed in November to trim oil production by around 1.2 million barrels per day for a six-month period in what is considered the first of its kind agreement since 2008. The deal commenced on 1 January 2017.

Non-OPEC members led by Russia also trimmed their output by 558,000 barrels per day.

Al Mazroui said he expects further improvement in oil prices in the second half of the year.

The upcoming OPEC meeting is slated for Thursday, 25 May.

Earlier on Wednesday and speaking at the same event, OPEC secretary general Mohammad Barkindo had revealed that oil producing countries showed stronger compliance to the agreement in March compared to February.

Translated by: Nada Adel Sobhi

Source: Mubasher Exclusive