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UAE backs oil output cut extension
23/05/2017 12:47

UAE backs oil output cut extension

The United Arab Emirates supports extending oil output cuts for another term, Energy Minister Suhail bin Mohammed al-Mazroui said on Tuesday, saying ahead of an OPEC meeting he was optimistic about meetings held between Saudi Arabia and Russia. Reuters reports.

"We are optimistic about the statements and the meetings held between the Saudi-Russian sides," he wrote. He said the previous extension had helped to balance the market and maintain average prices.

The UAE supports "the extension of the agreement for another term," he said.

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