By: Amr Adel

Dubai - Mubasher: The decision to extend oil output reduction will impact prices in the third quarter of 2017, said UAE energy minister Suhail bin Mohammed Al Mazrouei late Saturday.

Speaking to journalists on the sidelines of the Ministry of Energy’s annual Iftar gathering in Dubai, the minister said that the market should be given more time to register the effects of the decision.

Demand for oil will increase during the holiday season in the third quarter of 2017, Al Mazrouei said, noting that current oil prices were low as this time of year is known for lower oil demand.

Late last month, members and non-members of the Organization of Petroleum Exporting Countries (OPEC) agreed to extend their deal to trim oil production by around 1.8 million barrels per day for another nine months in an attempt to bolster oil prices.

The original OPEC deal, implemented earlier in 2017, was set to end in June but has been extended until March 2018.

The UAE’s energy minister further stated that there would be no need to hold an emergency OPEC meeting before November.

 Translated by: Nada Adel Sobhi