UAE committed to OPEC agreement – Minister

By: Ramy Sameeh

Abu Dhabi – Mubasher: The UAE is committed to the decision taken by OPEC to decrease oil production, aiming to correct oil prices in 2017, energy minister of the UAE, Suhail Al Mazrouei, said.

In the first two quarters of 2017, the UAE hopes to see further commitment for decreasing oil output, even from countries that are not part of the OPEC agreement, the minister said on the sidelines of the Global Energy Forum in Abu Dhabi.

Both OPEC and non-OPEC countries are required to inform the market and customers with the plans set for shrinking the output, the minister noted.

The price of $50 per barrel will not be suitable for all oil producers, Al Mazrouei said, refusing to reveal the target price.

He added that the demand on oil is higher than last two years’ expectations.

In a reply to a question on the increase of oil production by Iran, the minister clarified that raising Iran’s production needs time, technology, and investments; these elements do not currently exist.

Translated by: Ingy ElSafy