May 23, 2017 / 5:26 AM / 4 months ago

Heading to OPEC, UAE says backs output cut extension

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC's headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo

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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