UAE supports extending the OPEC output deal

UAE supports extending the OPEC output deal
UAE Minister of Energy Suhail Al Mazroui

Abu Dhabi - Mubasher: The Emirati minister of energy, Suhail Al Mazroui said that oil markets need an extension of the oil production cut agreement beyond March 2018.

Al Mazroui stressed to reporters on the sidelines of the International Ministerial Conference on Nuclear Power in the 21st Century, which was launched on Monday in Abu Dhabi, the need for extending the OPEC agreement to reach a market balance between supply and demand.

The Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other major non-OPEC producers agreed to cut output by around 1.8 million barrels per day from 1 January 2017 until March 2018.

OPEC will meet in Vienna on 30 November to decide on its output policy and OPEC officials have said the supply-cutting pact is likely to be extended beyond March.