Opec's leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet rising global demand.
The 'Declaration of Co-operation' agreement between Opec (Organisation of the Petroleum Exporting Countries) and allied non-Opec countries effective from January 1, 2017, has been very successful, the minister said.
Oil prices have risen in recent months, after both Opec and non-Opec countries struck a landmark deal at the end of last year to cut back production to combat a global oil glut.
The Organisation of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8mn barrels per day since the start of 2017, helping lift oil prices by 15% in the past three months.
Saudi Arabia's energy minister said that extending the current agreement on global oil supply cuts until March next year, and adding one or two small producers to the pact, should be enough to reduce oil inventories.
Opec plans to meet with non-Opec oil producers on the same day as its scheduled May 25 conference, sources familiar with the arrangements said, as they decide whether to extend supply cuts into the second half of the year.
Qatar Stock Exchange (QSE) was the second best performer among the Gulf bourses, registering robust 158 points gains, during the week.
Oil prices slumped on Monday after producers failed to agree on a plan to curb global supply at a meeting in Qatar, while world stock markets edged higher.
An agreement to “restore stability” to the global oil market was “imminent” as the growing number of oil producers who have officially confirmed participation in Sunday's oil producers meeting in Doha ...