DUBAI (Reuters) - The United Arab Emirates' energy minister said on Wednesday that he was optimistic about obtaining commitments from non-OPEC oil producers to cut output at a meeting later this week to cement a global pact to limit supply.
"We are optimistic about a commitment from non-OPEC. I think it's reasonable what we set for them, it's half of what OPEC committed to," Suhail bin Mohammed al-Mazroui told reporters on the sidelines of a Bloomberg Markets summit.
OPEC agreed last week to reduce output by around 1.2 million barrels per day beginning in January in a bid to reduce global oversupply and prop up oil prices.
It hopes non-OPEC countries will contribute a further 600,000 bpd of cuts to the effort. Russia has said it will reduce output by around 300,000 bpd.
Asked whether, if OPEC did not get a commitment from non-OPEC for a full 600,000 bpd of cuts, a global deal would still stand involving OPEC and Russia alone, Mazroui said: "Let's not jump to conclusions - let's wait till we have the meeting."
Fourteen non-OPEC countries including Russia have been invited to meet with OPEC in Vienna on Saturday.
(Reporting by Maha El Dahan; Writing by Rania El Gamal; Editing by Andrew Torchia)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
