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UAE says most countries in oil cut deal like idea of long-term alliance

Reuters  |  NEW DELHI 

By Alex LawlerNEW DELHI (Reuters) - A majority of the OPEC and independent oil producers participating in a current deal to cut supply like the idea of a long-term producers' alliance, the energy minister of the United Arab Emirates said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other non-OPEC producers began to cut supply in January 2017 in an effort to erase a global glut of crude that had built up since 2014.OPEC and its partners, 24 countries in all, have extended the pact until the end of 2018 and are considering a deal to prolong their ...

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First Published: Thu, April 12 2018. 14:33 IST