UAE – Mubasher: The UAE is supporting the extension of OPEC+ output cut agreement, energy minister Suhail Al Mazroui said.

The extension is required due to the increase in the inventories of some counties, especially the US, he added, according to Gulf News.

“I do not think it is difficult to come to that conclusion from anyone who is watching the market, so I am not expecting a very difficult process in approving the extension,” Al Mazroui noted.

The Organization of Petroleum Exporting Countries (OPEC) announced that its members and allies would hold their meeting on 1 and 2 July.

The 176th meeting of the OPEC Conference will be on 1 July followed by the sixth gathering with the non-affiliated allies, including Russia, in the next day, according to the producer club’s website.

The so-called OPEC+ alliance is expected to decide whether to roll over production cuts through the rest of this year.

OPEC+ has been withholding oil supplies by 1.2 million barrels per day (bpd) since the beginning of this year, with 11 members of OPEC alone cutting 800,000 bpd.