Minister says OPEC+ members to agree on output reduction soon

VIENNA, Mar 5 (PRIME) – The OPEC states will elaborate a united position on oil output reduction in the framework of the OPEC plus nonmember deal in the evening, United Arab Emirates’ Energy Minister Suhail Al Mazroui told reporters on Thursday.

“I am sure that we will reach a joint decision at the end of the day,” the minister said.

The official said that all participants of the OPEC plus ministerial committee, including Russia, agreed on the recommendations for the future of the deal on Wednesday.

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July, they prolonged the deal until April 2020. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.

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