United Arab Emirates Energy Minister Suhail al-Mazrouei has said that Oil producers will meet in April next year to review the impact and sign a long-term pact.

Talking to reporters on the sidelines of a conference in Dubai on Wednesday, Mazrouei said that national oil company ADNOC has already informed clients that it will cut production by 2.5 percent from next month.

The minister said the cuts will help restore balance to the world market in 2019.            

He said the alliance with Russia and other non-cartel producers has made the Organization of Petroleum Exporting Countries stronger and more effective.

Earlier, OPEC and some non-OPEC producers have decided to cut output by 1.2 million barrels per day for six months from January next year after world prices shed a quarter of their value in just a few weeks.