UAE says OPEC and non-OPEC oil deal to be signed in three months

A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months’ time in Saudi Arabia, the UAE’s energy minister said on Monday.

“By [the] end of March the document will be ready for signature,” Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a forum with frequent meetings to work together to achieve market balance.

In a separate deal on Friday, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day (bpd).

Read: Oil prices climb on OPEC-led cuts

OPEC agreed to cut production by 800,000 barrels bpd, led mainly by Saudi Arabia, while non-members will cut by 400,000 bpd, with most of that shouldered by Russia.

They will decide on whether to extend that agreement after six months, al-Mazrouei, OPEC’s current president, said.

Qatar’s exit from OPEC “is not going to affect us or the production moving forward,” he said.

“OPEC is attracting non-OPEC members like South Africa and others,” he added.

Read: UAE says Qatar’s OPEC exit ‘political’