ENERGY

UAE: Oil output freeze already in place

United Arab Emirates Oil Minister Suhail al-Mazroui (C) talks to journalists during the Global Aerospace Summit in Abu Dhabi, on March 7, 2016. (AFP)

Emirati Oil Minister Suhail Mazrouei said Monday that current market prices are forcing most producers to freeze oil output levels, insisting it made "no sense" to pump more crude.

"Current prices are forcing everyone to freeze. So I think it is happening as we speak," Mazrouei told reporters in Abu Dhabi.

"It does not make any sense for anyone to increase production at current prices."

Mazrouei said he was aware of talks to hold a meeting between the Organisation of Petroleum Exporting Countries and non-OPEC producers, but that he has not received an invitation.

"We hear about a meeting. I have not received an official invitation for an OPEC and non-OPEC meeting," he said.

"If there is an invitation, the UAE is always cooperating within OPEC," he said, adding that the cartel would first have to hold talks to decide on whether to take part in such a meeting.

 

SHOW MORE
Last Update: Monday, 7 March 2016 KSA 18:40 - GMT 15:40
Top
BREAKING NEWS

Send to a friend

Close
UAE: Oil output freeze already in place
Oil Minister Suhail Mazrouei insisted it made "no sense" to pump more crude
Friend's name:
Friend's Email:
Sender's name:
Sender's Email:
Captcha Code
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed