Al-Mazrouei said February 17 that oil output freeze by the OPEC countries and Russian Federation will contribute to the balance of supply and demand in the global market.
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OPEC member Kuwait has since said it supports the proposal.
Oil powerhouses Russian Federation and Saudi Arabia have joined Qatar and Venezuela in pledging to cap their crude output if other producers do the same to halt a slide in prices.
Energy Minister Suhail Mohammed al-Mazrouei said in a statement to state news agency WAM that the Emirates supports any proposal to freeze output through consensus with OPEC and Russian Federation, which is not part of the oil-producing bloc.
Iran previously said it would not agree to curtail production until it had reached pre-sanctions levels.
This move comes after oil prices have remained around US$30 a barrel from highs more than 18 months ago at $110 a barrel, squeezing the budgets of oil revenue-dependent economies and hydrocarbon companies alike.
He later took to Twitter to say his country’s oil policy “is open to cooperate with all producers toward mutual interest of the market stability and we are optimistic on the future”. Last year, Mr Al Mazrouei insisted that the “market would correct itself”.
“The current prices are inappropriate and will force the producers to keep the output level and limit investment in more expensive oil”, reported Reuters citing the Arabian minister as saying.
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“Iran supports any measure to boost oil prices”, Oil Minister Bijan Namdar Zanganeh said after talks with his counterparts from Iraq, Venezuela and Qatar.
