OPEC will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, AFP reported Monday (September 25th).
UAE Energy Minister Suheil al-Mazrouei said the oil market had rebalanced after OPEC and non-OPEC producers agreed to cut output in a historic deal last year.
The deal has boosted prices, currently around $55 a barrel, he said.
"The next OPEC meeting will discuss whether there will be a need to extend the output cuts deal and for how long," al-Mazrouei said.
Major crude producers -- OPEC and non-OPEC countries -- agreed late last year to cut production by about 1.8 million barrels per day for six months. The agreement was then extended for an additional nine months until March 2018.
"The meeting will also discuss adding new producers to the cuts deal," he said.
Al-Mazrouei said OPEC also will discuss imposing the quota system to countries that have so far been exempted, such as Libya, Iran and Nigeria.
He said the UAE, OPEC's fourth largest producer, has "cut 10% of its production in the past two months" and is prepared to do more to boost the market.
