UAE OilMin: It’s logical to extend OPEC oil-output cuts accord

The United Arab Emirates (UAE) Energy Minister Suhail Al Mazrouei said late on Monday in Abu Dhabi, he sees a need to extend the output cuts but didn’t suggest the length of an extension.

Key Quotes via Bloomberg:

“The agreement aims at clearing this glut and bringing the market back to balance.”

“Judging from the current situation, I see a need for extending the agreement.”

“It’s logical to extend -- everyone is gaining.”

“Current oil prices are logical, given the state of supply and demand at the moment.”

 “Global demand this year is healthy and exceeded expectations, and we expect it to continue to grow next year."