Mazroui said he expects the UAE to exceed its oil production cut target in the first quarter of this year, mainly due to maintenance.
Suhail al-Mazroui, who holds OPEC´s presidency this year, said leaders of the UAE, OPEC´s biggest producer Saudi Arabia and non-OPEC member Russian Federation support extending energy cooperation beyond 2018.The Organization of the Petroleum Exporting Countries has agreed to extend oil supply cuts with Russian Federation and other producers until the end of 2018.Mazroui said that he hoped a plan could be put to ministers at OPEC´s next meeting in June in Vienna, which non-OPEC producers participating in the supply-reduction agreement are expected to attend.
OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months.
Mr Mazroui, who holds OPEC's presidency this year, said that the group's secretariat will be meeting with USA shale oil producers during the CERAWeek conference next month "to compare notes".
Chris Midgley, head of the Analytics Content Division at S&P Global Platts, said that the demand on natural gas will come from three new markets in the coming years: China, India and Saudi Arabia. "Ahead of us this year is the balance of supply and demand".
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The most influential OPEC minister, Saudi Arabia's Energy Minister Khalid al-Falih, has nevertheless sent a message to the market that the Saudis are firmly holding on the production cuts by the end of the year, and they would rather risk overtightening the market than not fully achieving the goal. Mazroui has said "the name isn't important".
Following consultations, with what he described as a focus "on rebalancing the global oil market; and, over time, ensuring that the necessary investments return to our industry, to mitigate future volatility", 24 Opec and non-Opec producers had reached the "Declaration of Cooperation" at the end of 2016.
As of Wednesday (February 21) at 10:00 a.m. EST oil was down, sitting at $61.54 per barrel.