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The head of the Organization of the Petroleum Exporting Countries (OPEC) said the organization had not
discussed extension of production cuts to next year, adding that the focus was still on reducing global crude stocks.
"We feel there is still a surplus in the market," said UAE Energy Minister Suhail Mohammed Al Mazrouei, adding that "there are no talks on (extending the reductions to 2019) at this stage."
OPEC agreed on November 30 last year to reduce oil production by 1.2 million barrels per day.
Later, non-Opec oil states were agreed to reduce their oil production by 558,000 bpd.
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