UAE says most countries in oil cut deal like idea of long-term alliance
Updated : April 12, 2018 01:00 PM IST
OPEC and its partners, 24 countries in all, have extended the pact until the end of 2018 and are considering a deal to prolong their alliance for years or even decades.
OPEC, Russia and several other non-OPEC producers began to cut supply in January 2017 in an effort to erase a global glut of crude that had built up since 2014.
“I think the idea itself is liked by, if not all, the majority of the countries,” said Suhail al-Mazroui on the sidelines of the International Energy Forum. The UAE holds the OPEC presidency in 2018.