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OPEC likely to extend supply cuts in bid to rebalance the market

13 November 201755

United Arab Emirates Minister for Energy Suhail al-Mazroui said Monday that he expected OPEC and non-OPEC countries to extend global supply cuts at a closely-watched meeting at the end of the month.

According to CNBС, speaking at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), al-Mazroui said: "My prediction is OPEC will continue to do what it takes to rebalance the market."

He added that while he had not heard any OPEC members discussing the possibility of not extending the deal, the time and duration of an extension was still to be decided.


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