According to the United Arab Emirates energy minister, al-Mazrouei, the agreement of cuts in oil production should be stretched for another period. However, the duration is still to be defined by OPEC members and partner countries, in a meeting that should occur this November.
Al-Mazrouei stated that the producer group is committed to reducing production in order to value the commodity and that there is unanimity on the extent of the agreement, which currently has continuity deadline until March 2018.
According to Arabic, there are still 158 million of surplus oil barrels that are on the market and, that means there is a great potential for continuity of extension of oil reduction.
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