12:17 GMT18 June 2021
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    St. Petersburg International Economic Forum 2018 (64)
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    ST PETERSBURG (Sputnik) – The Organization of the Petroleum Exporting Countries (OPEC) and 10 other major oil producers reached a conformity level with oil production cuts under the Vienna deal of over 150 percent in April, Energy and Industry Minister of the United Arab Emirates (UAE) Suhail Mazroui told Sputnik on Friday.

    "A little over 150%" Mazroui said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

    "No, we are not going to discuss things that are related to the market, we have a meeting with His Excellencies [Novak, Falih] in June, that’s the right platform to discuss actions," Mazroui said, asked if the upcoming trilateral talks on the St. Petersburg International Economic Forum (SPIEF) sidelines would touch upon the topic of easing oil cuts due to rising oil prices.

    In 2016, OPEC and several oil producing countries outside the cartel agreed to cut oil production by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. Non-OPEC states pledged to jointly decrease oil output by 558,000 barrels per day, with Russia pledging to cut production by 300,000 barrels daily.

    READ MORE: UAE Energy Minister: OPEC to 'Rebalance Oil Market' After US Exit From Iran Deal

    SPIEF, held annually in Russia's second largest city of St. Petersburg, is a major global platform for communication between business representatives and the discussion of crucial economic issues. The event started on Thursday and will continue through Saturday. Sputnik is the official media partner of the forum.

    St. Petersburg International Economic Forum 2018 (64)


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