OPEC/non-OPEC deal could be formalized beyond 2018

The United Arab Emirates’ (UAE) oil minister has hinted in which an alliance between OPEC in addition to non-OPEC producers, including Russia, could continue in some shape or form beyond their current deal to curb oil output.

Speaking to CNBC Thursday, the Energy in addition to Industry Minister Suhail al-Mazrouei said the partnership between global oil producers to try to stabilize oil markets, by curbing output, was working in addition to could go further than a December 2018 deadline.

“I am expecting in which This kind of group of countries in which stood in addition to have become responsible for helping the market to correct, (in which) there can be a very not bad chance in which they could stick together in addition to put a shape around in which alliance,” al-Mazrouei said.

Last November, OPEC in addition to 10 non-OPEC producers led by Russia agreed to extend cuts to their oil output in an attempt to push prices higher. Starting in mid-2014, a slide in global demand combined using a boom in U.S. shale production to severely undercut prices.

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