UAE Energy Minister Suhail bin Mohammed al-Mazroui attended the Inter-American Economic Forum and said that members of the Organization of Petroleum Exporting Countries (OPEC) are about to reach an agreement to extend oil production.
Reuters reported that Suhail bin Mohammed al-Mazroui pointed out at the Inter-American Economic Forum that, in view of the current level of oil inventories, it was decided to continue to limit production restrictions, or at least to the end of the year. He also said that oil demand will remain stable in 2020.
OPEC and the OPEC+ alliance of non-OPEC oil producers such as Russia agreed to cut production from January 1 this year to avoid oversupply. According to the agreement, they reduced production by 1.2 million barrels per day for a period of six months based on last October’s production.