May 23, 2017 / 5:11 AM / 3 years ago

Heading to OPEC, UAE says backs output cut extension

FILE PHOTO: UAE Energy Minister Suhail bin Mohammed al-Mazroui talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina

DUBAI (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.

Reporting by Sylvia Westall, Editing by William Maclean

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