OPEC and its non-OPEC partners are set to officially sign a cooperation agreement in March of next year, the UAE’s energy minister Suhail al-Mazrouei said, according to Reuters. The agreement will be officially signed in March in Saudi Arabia, the oil minister said, and will seek to align OPEC with non-OPEC oil producers, most importantly Russia, on matters likely to include achieving market balance—specifically production quotas. The term “market balance” is the new phrase OPEC is using instead of referencing specific oil prices, after OPEC in October steered its members away from any words that may put it at odds with proposed U.S. legislation called the NOPEC Act. OPEC and a group of non-OPEC members reached an agreement on Friday to cut production starting in January 2019. OPEC’s portion of the production cuts was 800,000 bpd, with Saudi Arabia’s accounting for 500,000 bpd of that. The non-OPEC countries agreed […]