Oil & gas
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Some
"irresponsible" oil states trigger oil price decline: UAE minister
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English.news.cn
2014-12-22 02:52:34
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DUBAI, Dec. 21 (Xinhua)
-- A senior official of the United Arab Emirates (UAE) said on Sunday some Arab
countries which are not members of Organization of Arab Petroleum Exporting
Countries (OAPEC) triggered "the deterioration in oil prices due to irresponsible
oil production," the state-run news agency WAM reported.
Suhail Al-Mazrouei, the
minister of oil and energy of UAE, made these remarks at the Arab Energy
Conference in Abu Dhabi. The three-day conference which runs in its 10th
edition will run through Tuesday.
Al-Mazrouei said the
world had witnessed a significant decrease in oil prices since this summer,
"which has created and will create a significant economic burden on OAPEC
members."
He said that one of the
biggest reasons that led to the deterioration in prices is the irresponsible
oil production by some non-member bodies, some of which are new to the oil
market.
Al Mazrouei added that
despite the challenges facing the oil markets, the UAE has full confidence in
Organization of the Petroleum Exporting Countries' (OPEC) recent decision to
give the market time to achieve balance, and it was correct and strategic to
benefit the global economy.
He urged OAPEC members
to discuss the market situation and take measures to reach an equilibrium in
the oil market, "in order to encourage investments in Arab markets and
thus enhance our future role in the global oil market."
On Nov. 27, the
12-member global OPEC body in Vienna decided to keep the production quota
steady at 30 million barrels per day, a move which was advocated by Saudi
Arabia in particular.
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