UAE oil minister 'optimistic' about an Opec deal on supply

Opec plans to take a unanimous decision, Suhail Al Mazrouei says in Vienna

UAE's Energy Minister Suhail Al Mazrouei talks to journalists at the beginning of an OPEC meeting in Vienna on Friday. REUTERS/Heinz-Peter Bader

Oil price gains of more than one per cent on Friday are holding as Opec tries to agree a deal to increase output to compensate for losses in production at a time of rising global demand.

Suhail Al Mazrouei, the UAE's oil minister, is optimistic that a deal will be reached on supply, he told reporters in Vienna.

"Opec has had "many more difficult times than now," Mr Al Mazrouei said.  "We are not going to destroy what we have built."

The mood at the Opec gathering eased considerably after a meeting on Friday between Saudi Arabia's oil minister Khalid Al Falih and his Iranian counterpart Bijan Zanganeh. Saudi Arabia and Russia want to raise output, but some other Opec members, including Iran, have opposed this.

After the bilateral meeting, Zanganeh said he was "not pessimistic" that a compromise could be reached.

Mr Suhail said it doesn’t benefit anyone to break the current alliance and that Opec plans to take a unanimous decision.