Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.
OPEC and some non-OPEC producers decided to cut output by 1.2 million barrels per day for six months from January after world prices shed a quarter of their value in just a few weeks.
Prices currently hover around $60 a barrel, down from more than $85 a barrel in early October in the face of fears of weaker demand and an increase in supplies.
“In April, we will have a meeting to review the decision,” United Arab Emirates Energy Minister Suhail al-Mazrouei told reporters on the sidelines of a conference in Dubai. Read More
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