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.

Sign Up for Our Newsletters

Get notified of important news and special executive deals.

You May Also Like

Unstable market conditions, abandoning Hong Kong paper, US dollars? Pay attention to the two major operations “risk”!

The Sino-US trade war has intensified, and the revision of the Fugitive…

Global central banks continue to buy gold in April, net purchases increased by 8% month-on-month

The China-US trade war, the Brexit and other events have made the…

Softbank’s full-year net profit rose 35.8% to 1.41 trillion yen

Japan’s SoftBank Group announced its previous year’s results, with a net profit…

Zimbabwe relaunched its currency this year

Zimbabwe may re-launch its currency within this year. The country’s President, Mnanagaguwa, said…