OPEC and non-OPEC output deal to be signed in three months: UAE minister

ABU DHABI: A deal to cut oil production by OPEC and non-OPEC countries will be signed in three months' time in Saudi Arabia, the UAE's energy minister said on Monday.

On Friday, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day (bpd).

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