Abu Dhabi: UAE energy minister Suhail Al Mazroui expressed optimism about oil producing countries reaching an agreement on the extension of the production cuts when they meet in Vienna on November 30.
“We are looking forward to an agreement but I cannot tell what level of consensus. We will be talking to different ministers and I am optimistic about reaching an agreement,” said Al Mazroui while speaking to reporters on the sidelines of GPCA forum in Dubai on Tuesday.
He also said the market is at a much better situation than it was last year due to compliance and commitment by Opec and non-Opec members.
“We are looking for another year of correction and recovery. Opec countries and the UAE, they are all committed to fix the issue of five year of over storage. We feel that time should be given to the market for a full recovery. We are looking for the consensus when we meet.”
When asked whether Russia is on board for the extension, he said he cannot comment on any other country before meeting.