2018.02.2023:58:00UTC+00OPEC, non-OPEC allies to Review Long-Term Output Cooperation, UAE Says

OPEC and non-OPEC oil producers will talk about continuing their cooperation for a longer period of time when they convene in June as they look to prevent major market jolts, according to the United Arab Emirates' energy minister Suhail al-Mazroui.

Suhail al-Mazroui, who is the president of OPEC this year, said that leaders of the UAE and non-OPEC member Russia support continuing energy cooperation beyond 2018.

OPEC has agreed to prolong oil production cuts with Russia and other non-OPEC producers until the end of 2018.

The OPEC president said that he hoped a plan could be presented to ministers at OPEC's next meeting in June in Vienna, which non-OPEC producers participating in the output-reduction deal are widely-expected to prolong.

He said it was premature to say how cooperation will work exactly and whether oil production management would be sustained. But he added that market monitoring was one of the bare obligations the group would do in order to help prevent gluts or supply shortages.

Addressing an energy conference in London at a later time, Mazroui said the global industry requires around $10 trillion of investment by 2040 to keep up with future demand growth.