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OPEC may expand to include allied oil producers, UAE energy minister says



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Added 11-14-17 05:02:02am EST - “UAE Minister for Energy Suhail al-Mazroui said Tuesday there is "definitely" an appetite for non-OPEC members to join the 14-member cartel.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “OPEC may expand to include allied oil producers, UAE energy minister says”. Below is an excerpt from the article.

United Arab Emirates Minister for Energy Suhail al-Mazroui said Tuesday there is "definitely" an appetite for non-OPEC members to join the 14-member cartel.

When asked whether the non-OPEC countries currently complying to the global supply cuts could eventually become official members of the cartel, al-Mazroui replied: "There is definitely a willingness and a wish to expand OPEC."

"It would have been difficult to try to rebalance the market alone and so I think there is a rationale for this group to stay together… and maybe even expand," he said at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC).

OPEC members are reportedly forming a consensus around extending by nine months their production cutting deal with other crude exporters. That would prolong the agreement among OPEC, Russia and nine other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year.The exporters reached the deal last December and have already extended the agreement once through March 2018.

At ADIPEC on Monday, OPEC Secretary General Mohammed Barkindo lauded the compliance of OPEC and non-OPEC nations to the global supply cut deal. He also said he expected all 24 OPEC and non-OPEC countries to participate in the cartel's upcoming meeting.

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