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To boost oil prices, OPEC and its Russian led ally (OPEC) + have implemented an agreement to cut production by 1.2 million barrels per day since January this year, which expires in March 2020. OPEC + will meet in December to assess its production policy.
"I think it is possible to extend the reduction agreement, but it is unlikely to increase the reduction unless there are major events in the next few weeks," Mohammed bin Hamad al rumhy, energy minister of Oman, a non OPEC member, told reporters at an energy conference in Abu Dhabi, the capital of the United Arab Emirates.
He said Oman is satisfied with the current oil price as trade tensions ease and oil demand is gradually improving. Oil prices fell on Monday on concerns about the prospect of a US China trade agreement.
UAE energy minister mazrui said oil demand growth was "reasonable.". UAE is the third largest oil producer of OPEC, second only to Saudi Arabia and Iraq.

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