Oil producers to draft long-term alliance deal by end-2018: UAE minister

Oil producers to draft long-term alliance deal by end-2018: UAE minister:

"Oil producers led by Saudi Arabia and Russia aim to draft an agreement on a long-term alliance by the end of this year, United Arab Emirates energy minister Suhail al-Mazroui told the local National newspaper on Thursday.

The newspaper also quoted him as saying OPEC was urging its members to build oil capacity buffers to temper any wild upswings in price due to the weak U.S. dollar this year.

 OPEC and non-OPEC producers are restraining production to prop up prices under a deal that is to expire at the end of 2018. Saudi Arabia said last month that the producers aimed to continue cooperating beyond the end of this year."



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