VIENNA (Sputnik) — Suhail Mohamed Faraj Mazrouei said Tuesday he was optimistic and looking forward to a great meeting of OPEC in Vienna amid good compliance with the oil curtailment deal.
"I am optimistic as usual and we are looking forward to a good meeting [on Thursday], the deal has been working and the compliance has been great so far," Mazrouei told reporters in Vienna, asked about his expectations for the next ordinary meeting of OPEC on May 25.
Major oil producers participating in the oil curtailment agreement should first listen to the analysis of the energy market by the Organization of the Petroleum Exporting Countries (OPEC) before making a decision on extending the deal by six or nine months, Mazrouei stated.
"That's what we need to see, we need to see the 6-month, the 9-month [extension] in the analysis in order to decide," Mazrouei told reporters in Vienna, asked about his expectations for the extension period of the deal.
"We will listen to the analysis from the organization and [I am] looking forward to make the right decision to stabilize the market," he added.
On May 15, Russian and Saudi energy ministers said in a joint statement that Moscow and Riyadh intended to propose a 9-month extension of the Vienna agreement on oil output cuts under the existing conditions. The issue of the agreement extension will be considered at the upcoming ministerial OPEC meeting, scheduled for May 24-25.