Oil and energy ministers representing three OPEC member states will meet on Saturday to discuss oil market issues without the participation of Qatar in the meeting.
The meeting, which will be hosted by Kuwait on Saturday, will include Saudi Energy Minister Khalid al-Falih, Kuwaiti Oil Minister Bakhit al-Rashidi and UAE Energy Minister Suhail al-Mazrouei, who could be joined by Omani Oil Minister Mohammad al-Rumahi, Bloomberg reported.
Bloomberg pointed out that Kuwait and the UAE will be the biggest beneficiary, after Saudi Arabia and Russia, following raise in agreed production ceiling, since they have sufficient spare capacity.
Countries from within and outside OPEC, led by Russia and Saudi Arabia, agreed at the end of 2016 to reduce production by 1.8 million barrels per day, and the agreement is known as “OPEC +”.
The cuts began early last year and last until the end of December 2018.