The Energy Minister of the United Arab Emirates has extended a cut of oil production



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(Reuters) – The United Arab Emirates backs the Organization of Petroleum Exporting Countries (OPEC) and its allies to boost cuts in oil production, the Energy Minister said on Wednesday.

Minister Suhail al-Mazroui added that the extension of the production cut will not be discussed when the OPEC meeting meets + early next month.

"I think the extension decision is logical and reasonable, and the market situation requires several reasons for now, especially the increase in oil reserves globally, especially in the United States," the statement said.

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