Dubai – Mubasher: There are no talks now regarding the extension of OPEC and non-OPEC members' output cut agreement, the UAE’s energy minister Suhail Mohamed Faraj Al Mazrouei said.
We are on the verge of implementing a dormant decision taken by OPEC members and independent oil producers to keep the balance between supply and demand in the market for a year ended on 31 December 2018, he added.
The global demand for oil is stable and is expected to increase above the preordained figures, Al Mazrouei revealed during Bloomberg Business Week’s Global Leaders Forum.
As for Russia’s relations with OPEC, the top official stressed that Russia is an active party in the present production reduction agreement, therefore, any future decision will be taken in coordination with it.
