UAE Energy Minister: OPEC can not continue to protect oil prices
1/14/2015
According to Minister of Energy and the United Arab Emirates, Sohail Al Mazrui, on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) would not be able to continue to protect oil prices, which collapsed significantly, stressing the need to reduce the high shale oil supplies. Mazrui said, during an energy conference in the UAE capital: that "OPEC can not continue to protect certain price of oil," stressing the need to address the surplus in the shale oil supplies. Mazrui said, "The lack of stability and balance in the oil markets, a source of concern to the UAE, and it does not bear the responsibility alone about this situation," referring to raise production by non-OPEC members. He said he should Mazrui producers outside OPEC to be logical in terms of their output levels, adding that the current prices are "unsustainable" for those producers. Oil prices are falling steadily since last June, and the increasing decline with OPEC to take a decision to keep production levels unchanged at 30 million barrels per day. Analysts believe that the members of OPEC, such as the richest in the United Arab Emirates, were willing to accept a decline in oil prices in the hope that forcing that high cost producers such as shale oil producers out of the market.
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1/14/2015
According to Minister of Energy and the United Arab Emirates, Sohail Al Mazrui, on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) would not be able to continue to protect oil prices, which collapsed significantly, stressing the need to reduce the high shale oil supplies. Mazrui said, during an energy conference in the UAE capital: that "OPEC can not continue to protect certain price of oil," stressing the need to address the surplus in the shale oil supplies. Mazrui said, "The lack of stability and balance in the oil markets, a source of concern to the UAE, and it does not bear the responsibility alone about this situation," referring to raise production by non-OPEC members. He said he should Mazrui producers outside OPEC to be logical in terms of their output levels, adding that the current prices are "unsustainable" for those producers. Oil prices are falling steadily since last June, and the increasing decline with OPEC to take a decision to keep production levels unchanged at 30 million barrels per day. Analysts believe that the members of OPEC, such as the richest in the United Arab Emirates, were willing to accept a decline in oil prices in the hope that forcing that high cost producers such as shale oil producers out of the market.
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