November 10, 2017 / 7:57 AM / a year ago

UAE energy minister sees no big challenges in output pact extension

KHOBAR, Saudi Arabia (Reuters) - UAE Energy Minister Suhail bin Mohammed al-Mazroui said that oil producers will have little difficulty taking a decision later this month about extending a global output deal, he was quoted as saying by Saudi-owned Al Hayat newspaper on Friday.

FILE PHOTO: The United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui speaks to journalists in Singapore, July 21, 2017. REUTERS/Darren Whiteside

“The market needs a bit of a correction. No one is talking about not extending the cut,” he told the newspaper, adding that it is more a case of deciding on the duration of an extension.

“I am optimistic about 2018 and about the next OPEC meeting as there won’t be big challenges in our decision to extend the cut deal.”

OPEC and other non-OPEC producers meet on Nov. 30 in Vienna to decide on oil output policy.

Reporting by Reem Shamseddine; Editing by David Goodman

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