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Bloomberg
Energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait plan to meet on Saturday to discuss OPEC matters, about a week after the Saudis and Russia announced a new policy to revive oil production.
Saudi Energy Minister Khalid Al-Falih will meet with Kuwait’s Bakheet Al-Rashidi and the UAE’s Suhail Al Mazrouei — also the holder of OPEC’s rotating presidency — in Kuwait City, according to people with direct knowledge of the matter. Oman’s Oil Minister Mohammed Al Rumhi may join, they said.
Oil prices fell after Saudi Arabia and Russia last week signalled they’ll restore some of the output they halted as part of an accord with 22 other nations to help erode a global crude glut. The Organization of Petroleum Exporting Countries (OPEC) and allied producers, including Russia and Oman, are due to meet in June in Vienna to discuss the output cuts agreement, which is currently due to run for the rest of this year.
Brent crude prices have jumped 13 percent this year and the production cuts achi-eved a key goal of eliminating the global surplus.