June 19, 2019 / 8:25 PM / 5 months ago

UAE energy minister says decision to extend oil cuts is reasonable: Al Bayan newspaper

CAIRO (Reuters) - The United Arab Emirates’ energy minister said on Wednesday the UAE supports the the Organization of the Petroleum Exporting Countries (OPEC) and its allies’ inclination to extend a cut in oil production, UAE’s Al-Bayan newspaper said.

However, minister Suhail al-Mazrouei added that OPEC+ will hold a meeting at the beginning of next month to discuss whether to extend oil cuts or not.

Al-Bayan cited him saying: “I think the decision to extend oil cuts is logical and reasonable. Also, the market’s position requires it in the time being for several reasons, most notably the increase in oil stocks globally, especially in the United States.”.

Reporting by Nayera Abdallah; editing by Jonathan Oatis

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