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Wed 7 Dec 2016 01:56 PM

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UAE says optimistic about non-OPEC commitment to cut output

OPEC agreed last week to reduce output by around 1.2 million barrels per day beginning in January

UAE says optimistic about non-OPEC commitment to cut output
United Arab Emirates Energy Minister Suhail bin Mohamed al-Mazroui. (AFP/Getty Images)

The UAE’s 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.

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