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