OPEC, non-OPEC cooperation deal to be signed in three months: Al-Mazrouei

A general cooperation agreement between Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries will be signed within three months in Saudi Arabia, Reuters reported, citing Suhail Al-Mazrouei, the UAE's energy minister, on Monday.

"By (the) end of March next year, the document will be ready for signature," Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a forum with frequent meetings to work together to achieve market balance.

OPEC has agreed to cut production by 800,000 barrels per day (bpd), led mainly by Saudi Arabia, while non-members will cut by 400,000 bpd, with most of that led by Russia.