UAE says OPEC, allies to announce an exit strategy from supply cuts in June

ABU DHABI (Reuters) - The United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Monday that OPEC and non-OPEC oil producers plan to announce an exit strategy from global oil supply cuts in June. Mazroui told reporters that it was premature now to talk about the form or the shape of such an exit strategy before June, when OPEC, Russia and other oil producers participating in the pact are due to meet next. “We will announce ... a strategy in the June meeting, that does not mean we will exit in June. That means we will come up with a strategy,” he said in Abu Dhabi. The UAE holds OPEC presidency in 2018.