May 26, 2017 / 2:41 PM / 4 months ago

UAE says oil agreement will help to balance market - agency

DUBAI, May 26 (Reuters) - The extension of a global oil output cut deal will help to bring balance to the oil market and encourage investments in the oil sector, the United Arab Emirates energy minister said on Friday.

The agreement “will help motivate balance of the market,” Suhail bin Mohammed al-Mazroui said according to a statement on state news agency WAM.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers on Thursday agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018. (Reporting by Sylvia Westall. Editing by Jane Merriman)

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