|12-21-2014, 09:13 PM||#1|
UAE asks global oil producers not to raise output next year
Suhail al-Mazroui, oil minister of the United Arab Emirates (UAE), pleaded for all global oil producers not to raise their production in 2015, saying that this would help the stabilization of oil prices more quickly.
"We invite everyone to do what OPEC did and take a step to balance the market through not offering additional products in 2015, and if everyone abides by (the) OPEC decision, the market will stabilize and it will stabilize quickly," al-Mazroui said on the sidelines of a convention of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.
The decision by the Organization of the Petroleum Exporting Countries (OPEC) in November to leave output unchanged resulted in a slump in oil prices.
Mazroui also affirmed that the decision was strictly economic, meaning that there was not political agenda behind it.
"There is no conspiracy; there is no targeting of anyone. This is a market and it goes up and down,” he added.
OPEC seems to expect that oil prices are going to stabilize next year under current production levels, with some hopes that the low level of prices could thwart the production of higher-cost producers, which will put global supply and demand at favorable levels that could put a stop to fluctuations.
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