UAE hopeful of extension to oil output cut deal

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The United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Sunday he was hopeful producers will reach a consensus on extending an oil output cut next month.

“We are hopeful that the meeting in November will be a good meeting, that it will not be so difficult to reach consensus,” Mazroui told reporters in Abu Dhabi when he was asked about the prospect for an agreement on extending the oil output cut deal.

He said he expected the oil market to recover in the second half of the year. Asked whether any new members would join the output cuts this time he said: “All is on the table: the roll over on how many months...I’m hopeful.”

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