United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said
on Monday that OPEC and non-OPEC oil producers plan to announce in June
an exit strategy from global supply cuts, but that does not mean the
pact will end by then.
Mazroui said it was premature to talk about the form or shape of such an exit strategy before June, when OPEC, Russia and other producers participating in the supply-reduction agreement - aimed at boosting oil prices - are due to meet next.
The UAE holds the presidency of the 14-nation Organization of the Petroleum Exporting Countries in 2018.
Kuwait’s oil minister, Essam al-Marzouq, said on Sunday that OPEC and other oil producers would study before June the possibility of an exit strategy from the global agreement.
Novak said it may take between three and six months to exit the deal, depending on the state of the global oil market and demand for crude.
Under the deal, producers are cutting supply by about 1.8 million barrels per day.
Mazroui said it was premature to talk about the form or shape of such an exit strategy before June, when OPEC, Russia and other producers participating in the supply-reduction agreement - aimed at boosting oil prices - are due to meet next.
The UAE holds the presidency of the 14-nation Organization of the Petroleum Exporting Countries in 2018.
Kuwait’s oil minister, Essam al-Marzouq, said on Sunday that OPEC and other oil producers would study before June the possibility of an exit strategy from the global agreement.
Novak said it may take between three and six months to exit the deal, depending on the state of the global oil market and demand for crude.
Under the deal, producers are cutting supply by about 1.8 million barrels per day.
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