Doha – Mubasher: Expanding the agreement of the Organization of Petroleum Exporting Countries (OPEC) to reduce oil production until the second quarter of 2017 will enhance the market’s stability, Reuters reported, citing Qatar’s minister of energy and industry Mohammed Saleh Al Sada.

This was attributed to the increased expected demand in the third and fourth quarter in 2017, in addition to the improvement of the international economic situation, Al Sada added.

"We also see merits of extending the agreement further to the first quarter of 2018, when the demand is seasonally lower," Al Sada pointed out, according to Reuters.

The process of rebalance between supply and demand in the oil market began to gain momentum after three years of rising oil inventories, the Qatari minister noted.

OPEC members will hold a meeting on 25 May in Vienna to take a decision regarding the possible continuation of output cuts.