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OPEC and non-OPEC cooperation deal to be signed in three months

OPEC President and Energy Minister of the United Arab Emirates Suhail al-Mazrouei (4th R) opens the 175th OPEC Conference of Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on December 6, 2018. (Photo by JOE KLAMAR / AFP) (Photo credit should read JOE KLAMAR/AFP/Getty Images)

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, reports Reuters.

“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.

READ: OPEC, allies agree to cut oil output by 1.2m barrels per day

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).

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 said.

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