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UAE Energy Minister 'Optimistic' About Upcoming OPEC Talks on Oil Output Cuts

© AP Photo / Hasan Jamali, FileIn this Wednesday, June 8, 2011 file photo, sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain
In this Wednesday, June 8, 2011 file photo, sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain - Sputnik International
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UAE Energy Minister Suhail Mohamed Faraj Mazrouei said Tuesday he is optimistic about the talks of members of the Organization of the Petroleum Exporting Countries (OPEC) regarding the issue of oil output cuts amid good compliance with the oil curtailment deal.

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.

Oil rig - Sputnik International
Oil Market to Balance at Around $55-60/Bbl as Deeper OPEC Output Cuts Expected
In 2016, the OPEC reached an agreement in the Austrian capital of Vienna to cut oil output by 1.2 million barrels per day in the first half of 2017 within an effort to boost global oil prices. The agreement was supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily.

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.

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