Dubai – Mubasher: The Organization of the Petroleum Exporting Countries (OPEC) will be keen on adhering to the agreed upon production levels to the end of 2018, the UAE energy minister Suhail al-Mazrouei said.
The UAE is ready to cover any possible shortage in oil supply, the top official told Reuters.
“OPEC will, from 1 July, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation,” al-Mazrouei noted.
Last month, OPEC agreed with Russia to boost oil production as of July, while Saudi Arabia, the world’s biggest oil producer, pledged to increase its output.
“OPEC and non-OPEC countries participating in the Declaration of Cooperation remain unwavering in their commitment to contribute to market stability, in the interests of producers, consumers and the global economy,” the London-based news agency reported, citing al-Mazrouei, the president of OPEC for 2018, as saying.
