The United Arab Emirates' (UAE) oil minister has hinted that an alliance between OPEC and non-OPEC producers, including Russia, could continue in some shape or form beyond their current deal to curb oil output.
Speaking to CNBC Thursday, the Energy and Industry Minister Suhail al-Mazrouei said the partnership between global oil producers to try to stabilize oil markets, by curbing output, was working and could go further than a December 2018 deadline.
"I am expecting that this group of countries that stood and have become responsible for helping the market to correct, (that) there is a very good chance that they could stick together and put a shape around that alliance," al-Mazrouei said.
Last November, OPEC and 10 non-OPEC producers led by Russia agreed to extend cuts to their oil output in an attempt to push prices higher. Starting in mid-2014, a slide in global demand combined with a boom in U.S. shale production to severely undercut prices.