Opec intends to sign formal agreement with Russia before the end of 2018, according to Suhail Mohamed al-Mazrouei, UAE's Minister of Energy and Industry and the current OPEC Conference President.

Al-Mazrouei said that the deal will formalise cooperation between 24 Opec and non-Opec countries.

“The charter of how we can work together is currently in draft form,” said Al-Mazrouei at the IP Week conference in London. “We are hoping to finalise it this year. If we can achieve it, it will strengthen the group.”

Opec has been cooperating with non-Opec oil producing counties to reduce oil production and support prices and agreed an extension to extend cuts until the end of 2018 in November 2017.

Under the current deal producer countries are cutting supply by about 1.8 million barrels per day (b/d).

“Opec is a group of producers,” Al-Mazrouei said. “We are definitely not a cartel, a secretive group.”

The UAE Minister of Energy said that Opec is open to any producing country to join the group including the United States.

He also said that he recognised the legal difficulties involved in uniting the many small producing companies in the US to agree production quotas.

Al-Mazrouei said the aim of Opec and its non-Opec allies is to balance the market and achieve price stability.

“There is still an overhang on the 5-year average that we need to take care of,” he said.

“We will continue to work and monitor the production.”

There is a high level of understanding between Opec and its allies and Russia is a “critical” member of the group, according to Al-Mazrouei.