‘I cannot see us not agreeing’ on an OPEC+ production cut: UAE

Ahead of meetings with non-OPEC allies in Vienna Friday, the UAE’s energy minister appeared confident that Russia would agree to proposed production cuts.

OPEC members on Thursday agreed to lower output by 1.5 million barrels a day until the end of the year in response to falling oil prices, which have been under pressure since the outbreak of the novel coronavirus.

But that proposal will need approval from the group’s allies — most prominently, Russia — a non-OPEC leader.

“We are hoping. Russia is a very important member,” UAE’s Energy Minister Suhail al-Mazrouei told reporters, when asked if he is confident that Moscow will approve the cuts.

“I cannot see us not agreeing because that’s very important for the market and everyone is keen,” he said.

The minister also added that OPEC will not act without its non-member allies.

“I cannot see us, unilaterally as OPEC, doing a deal,” he said. 

— CNBC’s Sam Meredith contributed to this report.