The UAE energy Minister said that the cooperation of OPEC+ will continue

© AP Photo / Hasan JamaliДобыча oil. Archival photoThe UAE energy Minister said that the cooperation of OPEC+ will continue© AP Photo / Hasan Jamali

Cooperation within OPEC+ will continue, says Minister of energy of the United Arab Emirates Suhail al-Mazrui.

«I think everyone believes that we continue to work together, that the Declaration of cooperation will continue,» he told reporters.

«We met with the Minister or any representative from Russia», — he added. «However, I am optimistic. Not the first time we meet to make a decision. It’s not easy, but we will always work together with our partners,» concluded al mazrouei.

In Vienna on 5 December will be the meeting of the Ministerial monitoring Committee of OPEC+, which should make for countries-participants of the transaction recommendation about whether and how much to cut oil production to balance the market. Thursday, December 6, the recommendation will discuss the OPEC conference, and then, on December 7, all OPEC countries+.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016, of which 300 thousand were in Russia. The contract started from the beginning of 2017 and has been extended until the end of 2018.

In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the terms of the agreement, which then accounted for 47%. Recently, however, traders are increasingly talking about the risk of oversupply of the commodity on the market in 2019. It may encourage OPEC to return to the reduction of oil production as part of the transaction.