Emirates – Irresponsible oil outside OPEC – E24

Emirates – Irresponsible oil outside OPEC – E24

This is one of the main reasons for the falling price of oil, according to the Emirates’ oil minister Suhail al-Mazrouei.

Al-Mazrouei said not which countries it is he thinks acting irresponsibly.

Both al-Mazrouei and Saudi Arabia’s Oil Minister Ali al-Naimi rejected Sunday that OPEC will cut production to price up again.

– If countries outside Opec wants to cut production, they are welcome to do so. We are not going to cut, said al-Naimi during an energy conference in the United Arab Emirates.

Kuwaiti Oil Minister Ali al-Omair, who also attended the conference, said it is not necessary to convene an emergency meeting in Opec before summer.

Price drop

The statements have not affected oil prices in negative degree. On Monday morning, the price of North Sea oil up nearly one percent to $ 62.23 per barrel and the price of US light crude (WTI) is up 0.75 percent to $ 57.92.

The increase comes from low levels .

class=" "> Brent price has since summer fell from levels well over $ 100, and the negative trend accelerated when it became known that Opec not intervened to stabilize the market in November.

Thus, the market left to itself, and in a situation of imbalance due partly to lower demand growth and increased US energy production, prices have fallen.

– Others must cut

It has been speculated that Opec will get to meet again in the New Year since several of the member states need higher oil prices to get their budgets to go up.

The independent oil analyst Kamel Al-Harami does not believe this will happen.

– We have low cost oil, but we still can not balance our budgets. But there is a line in the sand. This time, non-Opec countries reduce production to support the market, he says, according to news agency Dow Jones.

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