By: Amr Adel
Dubai – Mubasher: The UAE Minister of Energy, Suhail Al Mazroui, said that it is hard to guess the time expected for the extension of the oil cut agreement in the next OPEC meeting next month.
OPEC and non-OPEC members are scheduled to meet 25 May to discuss the probability of extension of the agreement.
On the sidelines of a conference in Dubai, the minister told journalists that the discussion during the coming ministerial meeting will determine the time range of the extension.
Al Mazroui expressed his optimism regarding the agreement prolong as it will positively be reflected on prices.
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.
The minister stressed on his country's commitment to the decisions that will be taken in the meeting.
Translated by: Sara Ghali
