April 20, 2018 / 8:26 AM / a month ago

More countries needed in OPEC, non-OPEC pact: UAE's Al Mazrouei

FRANKFURT (Reuters) - Further oil producers need to join Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers in curbing supply, UAE oil minister Suhail Mohamed Al Mazrouei told a German newspaper.

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. REUTERS/Leonhard Foeger

“OPEC members and non-OPEC producers over-delivered on the supply cuts they promised... But we must include further countries in the pact,” the Handelsblatt newspaper quoted him as saying in an interview published on Friday.

OPEC members, Russia and other non-OPEC producers have reduced output since January 2017 aiming to reduce inventories and support prices.

The pact runs until the end of this year, and an OPEC meeting in June in Vienna will see participants decide their next course of action.

On Friday, a ministerial panel of OPEC and non-OPEC producers called the JMMC gathers in Jeddah, Saudi Arabia.

“We will announce on Friday how much inventories, which were long above the five-year average, have declined, and how OPEC and non-OPEC producers will proceed with oil production,” Al Mazrouei said.

He also renewed a call for an increase in investment in the industry to keep up with rising demand.

“The oil sector needs billions of U.S. dollars in investments, not the hundreds of millions we are seeing right now,” he said.

Reporting by Maria Sheahan; editing by Jason Neely

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