UAE energy minister: Qatar’s exit from OPEC will not affect production

UAE Energy Minister Suhail Al Mazroui has said that Qatar’s decision to withdraw from OPEC would not affect the continuation of production.

Al Mazroui also said on Monday that an agreement to cut supplies from OPEC and independent producers would be signed within three months in Saudi Arabia.

“We will wait and see to take a decision on extending the production reduction agreement after six months,” he said.

He disclosed that his country would reduce oil supplies by 2.5% in January compared to the level of October. He also noted that OPEC made the right decision at the Vienna meeting and said that “2018 would mark the balance of the oil market”.

On the other hand, Al Mazroui stressed that talks between America and China are important for the oil market.

The Organization of the Petroleum Exporting Countries (OPEC) and some of the heavyweights in the sector from outside the organization, including Russia, agreed on Friday on the reduction of oil supply by 1.2 million barrels per day.

OPEC has agreed to cut production by 800,000 barrels per day, led mainly by Saudi Arabia, while non-OPEC producers will reduce their supply by 400,000 bpd, and Russia will bear the bulk of the cut from outside the organization.