No talks yet on another extension for OPEC deal: Al Mazrouei

The Organization of the Petroleum Exporting Countries (OPEC) has not discussed the possibility of extending production cuts into next year, Reuters reported, citing the group’s president and UAE energy minister Suhail Mohamed Al Mazrouei.

He added that the focus at present is on reducing global crude supply inventories.

“We feel there is still some market overhang,” Al Mazrouei told Reuters ahead of the CERAWeek energy conference in Houston.

“There are no talks about that (extending cuts into 2019) at this stage,” he added.

OPEC member and other major oil producers, including Russia, had agreed last year to together reduce output by about 1.8 million barrels per day to help ease global supply glut.

The agreement came into effect in January 2017, and is schedule to run through the end of this year following two extensions.