Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts, the energy minister of the United Arab Emirates said on Tuesday.
Speaking at the International Economic Forum of the Americas, Energy Minister Suhail bin Mohammed al-Mazroui said that given existing oil inventories the output curbs should remain in place or be extended “at least until the end of the year.”
The “right decision will be a rollover,” said al-Mazroui, noting he favours continuing the curbs.
OPEC and producer allies including Russia last year agreed to cut their output beginning on January 1 to avoid a supply glut. The agreement was to reduce supply by 1.2 million barrels per day (bpd) for six months using October production as a baseline.
