First Published: 2017-11-29

UAE hopeful of OPEC deal on extending production cap
OPEC set to meet for discussions on extending oil production cap, that allowed for recovery of crude prices, beyond March 2018.
Middle East Online

Gulf nations traditionally meet ahead of OPEC meetings to agree a common policy.

VIENNA - The United Arab Emirates energy minister said on the eve of a meeting of OPEC and its allies on extending an oil production cap that he is hopeful a deal will be reached.

"I am optimistic that this group of committed countries will come up hopefully on Thursday with a decision that is good for the market," UAE Energy Minister Suhail al-Mazrouei said Wednesday in Vienna.

Twenty four countries agreed at the end of last year to limit their crude output, which has led to a recovery of oil prices that fell under $30 per barrel at the beginning of 2016.

The deal that reduced production by 1.8 million barrels per day has already been given more time once, and discussions are about extending it beyond March 2018.

Mazrouei, who met with his Saudi and Kuwaiti counterparts earlier on Wednesday, did not comment on his discussions.

Gulf nations traditionally meet ahead of OPEC meetings to agree a common policy.

"We need to meet, there's nothing I can tell you now. We need to wait for the meeting," he told journalists, referring to the important technical meeting to be held on Wednesday afternoon.

That meeting involving ministers from several nations, including major producers Saudi Arabia and Russia, was due to give a recommendation for the main gathering on Thursday.

Saudi Arabia may have difficulty, however, in convincing Russia to agree to extend the production cuts to the end of 2018, as Moscow has made it known it feels the rise in the price of oil is mostly benefitting US companies.

Uncertainty over Russia's position was weighing on the price of oil, with the main international contract, Brent, down 16 cents to $63.08 a barrel around 1200 GMT.

 

UN chief 'deeply alarmed' by Eastern Ghouta violence

US declares readiness to talk Mideast peace

IS kills 25 Iraqi militiamen near Kirkuk

Sudan frees dozens of activists detained after protests

Saudi Arabia to host first Arab Fashion Week

Russia denies Ďgroundlessí accusations of role in Ghouta killings

Turkey says whoever helps YPG is 'legitimate target'

Morocco dismantles IS-linked terrorist cell

Turkey urged to end gas standoff with Cyprus

PKK attack near Iraq kills 2 Turkish soldiers

Netanyahu confidant to testify against him

Iran emergency teams recover bodies from plane crash site

Ten dead in more Syrian regime strikes on East Ghouta

Bahrain activist sentenced to 5 years for Yemen tweets

Lebanese president makes landmark visit to Iraq

Bloodbath in Syria's eastern Ghouta

Abbas calls for peace conference in rare UN speech

Egyptian court adds leading government critic on terror list

Yemen government offensive threatens heritage site

Turkey considering chemical castration for child abusers

45 civilians killed in air strikes on rebel enclave

Cairo sheds Ottoman-era street names amid Egypt-Turkey crisis

New woes for Israeli PM in fresh graft cases

Maghreb countries wary about jihadists relocating from Iraq, Syria

Erdogan says Turkey will besiege Afrin "swiftly"

Turkey releases leading pro-Kurdish politician

5 Iranian police killed in Sufi protests

Iran finds wreckage of crashed plane on top of mountain

Israelís gas contract with Egypt: deal or no deal?

Somalia appoints new police, intelligence chiefs

Iran plane crash rescue search halted for second night

France reaffirms commitment to Iran nuclear deal

Turkey warns Syria against protecting Kurds

Abbas warms up to Moscow amid cold US-Palestinian ties

Israel strikes 'historic' gas contract with Egypt

Are Iranian satellite channels aiding regime change?

Israel pounds Gaza with air strikes after rocket attack

Iraq orders deportation of French jihadist

Pro-Assad militias to enter Syria's Afrin

Two hardline Syria rebels announce merger

Three Egyptian soldiers killed in Sinai

Israeli, US officials meet over gas row with Lebanon

Iran's supreme leader says progress needed on justice

Syria Kurds claim striking positions in Turkey

Netanyahu warns Iran, brandishes piece of metal