UAE Energy Minister Suhail Al Mazrouei said that several scenarios are to be discussed at the November meeting of the oil producers.
VIENNA (Sputnik) — Prolongation of crude output cuts by the Organization of the Petroleum Exporting Countries and other major oil producers until the end of the next year is among scenarios to be discussed at the oil producers’ meeting on Thursday, UAE Energy Minister Suhail Al Mazrouei said Tuesday.
“We’ll discuss several scenarios, among them, the extension for the whole 2018, but that’s not the only option. We’ll discuss other options as well,” Mazrouei told reporters ahead of the oil producers’ meeting on November 29-30.
The minister added that he was optimistic about the work of the oil producers this year, but the work on the oil market stabilization “would have to continue.”
Earlier, the OPEC-non-OPEC Ministerial Monitoring Committee recommended maintaining the extension of oil production cuts beyond the first quarter of 2018.
In late 2016, OPEC and a number of non-OPEC countries agreed to reduce their oil production by a total of 1.8 million barrels per day from the October level. The agreement was concluded for the first half of 2017 with the possibility of an extension. In May, the deal was extended by nine months and is now valid until the end of March 2018.