OPEC and non-OPEC oil producers will discuss extending their cooperation for several more years when they meet in June in a move to avoid major market shocks.
According to the United Arab Emirates Energy Minister Suhail al-Mazrouei, Saudi Arabia and Russia support extension of cooperation beyond 2018.
The news of extension of cooperation beyond 2018 has prompted many analysts to conclude that OPEC and Russia have become very close partners, with Moscow set to be a near-permanent member of the group.
The oil demand was expected to grow by 1-1.2 million barrels per day in 2017, but an increase of 1.5 million barrels per day was recorded by the end of the year, Mazrouei said.
If demand is strong in 2018, new investments will flow into the market, the United Arab Emirates energy minister added.
