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Heading to OPEC, UAE says backs output cut extension

Tuesday, May 23, 2017

DUBAI, May 23 (Reuters) - 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.

"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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