UAE's Take On Oil Prices | Russell T. Rudy Energy LLC
“Rigzone” reports that in a recent interview, United Arab Emirates (UAE) oil minister, Suhail bin Mohammed al-Mazrouei, stated that the drop in oil prices is due to oversupply caused by new production in non-OPEC countries. He went on to say that it will take time for the market to absorb it. How much time, months or even years, depends on if non-OPEC countries “act rationally” and curb planned increases in production. If they do as he recommends, he foresees prices moving in a positive direction in 2015.
Mazrouei said “OPEC was not part of the oversupply and shall not be blamed if other non-OPEC countries oversupply the market.” Nevertheless, he indicated that low prices will not delay the UAE’s plans to increase its output to 3.5 million barrels per day by 2017.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/136643/UAE .
