ABU DHABI, Jan 13:
OPEC won’t change its oil production strategy and any sudden rebound of prices is unlikely, United Arab Emirates oil minister Suhail bin Mohammed al-Mazroui said on Tuesday.
Mazroui was speaking at an energy conference in Abu Dhabi as Brent crude oil dropped into the $46 a barrel area, almost a six-year low, following a 5 per cent plunge on Monday.
“The strategy will not change…” he said. By not adjusting output, “We are telling market and other producers that they need to be rational and like OPEC, they need to look at growth in the international market for oil and need to cater that additional production to that growth.”
He also said, “We have seen oversupply coming from shale oil and that needed to be corrected.”
Mazroui said the oil price drop was not in any way affecting the UAE’s investment to expand its oil production capacity, but that he did not expect any sudden rebound of oil prices.
“History tells us whenever we try to predict what will happen we will get it wrong. What I would say is that it is unlikely we will see a sudden rise – it will take some time…
(For the rest of the article, click the link.)