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Emirates Energy Minister Mazrui said Tuesday that members of the Organization of Petroleum Exporting Countries (OPEC) are about to reach an agreement on extending production cuts.
At the International Economic Forum of the Americas, Mazrui said that, given the current level of oil stocks, production restrictions should be maintained or "extended at least until the end of the year".
Mazrui said that "the right decision is to extend" and said he was in favor of continuing to limit production.
OPEC's alliance with non-OPEC producers such as Russia, known as OPEC+, agreed last year to cut production from January 1 to avoid oversupply. Under the agreement, they cut production by 1.2 million barrels a day for six months, based on October output last year.
While OPEC + is cutting production, U.S. shale oil production continues to increase, and some analysts expect weak economic growth to reduce oil demand. The American Energy Information Association (EIA) said last month that shale oil producers will increase production by 83,000 barrels a day to 8.49 million barrels a day this month.
"I think oil demand will remain robust in 2020." Mazruyi said in an interview on the margin of the forum.

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