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ABU DHABI / Reuters
UAE Energy Minister Suhail bin Mohammed Al Mazroui said on Monday that OPEC and non-OPEC oil producers plan to announce in June an exit strategy from global supply cuts, but that does not mean the pact will end by then.
Mazroui said it was premature to talk about the form or shape of such an exit strategy before June, when OPEC, Russia and other producers participating in the supply-reduction agreement – aimed at boosting oil prices – are due to meet next.
“We will announce … a strategy in the June meeting. That does not mean we will exit in June. That means we will come up with a strategy,†he told reporters in Abu Dhabi.
“Hopefully the market will be in a much better position for us to come and announce an exit strategy,†he said. “What is that strategy? No one can tell you the shape, the form, how is it going to be done, prior to everyone’s meeting. Every voice counts in this group. It is unfair for anyone to come and predict.†The UAE holds the presidency of the 14-nation Organization of the Petroleum Exporting Countries in 2018.