OPEC, non-members to discuss long-term cooperation, says UAE

OPEC and non-member oil producers including Russia will hold talks to extend their cooperation for "many more years" in June, to avoid sudden market shocks, Reuters reported on Tuesday, citing United Arab Emirates energy minister Suhail Al-Mazrouei.

The UAE, Saudi Arabia, and Russia support "extending cooperation beyond 2018", he added.

Al-Mazrouei's comments follow Saudi energy minister Khalid Al-Falih’s statement earlier this month that the OPEC and the non-OPEC deal "should not limit its efforts to 2018".

However, Al- Mazrouei said it was too early to say how the cooperation would work and whether oil production management would be maintained.

"Market monitoring was the bare minimum the group would do to help avoid gluts or shortages," he said.

OPEC's next meeting is slated to take place in Vienna this June.