.
.
.
.
Theme
  • Light
  • Dark
Language

UAE says oil price will force producers to freeze output

  • Font
** FILE ** An oil technician climbs down a tower at a refinery in Jebel Ali about 30 kms south of Dubai in United Arab Emirates in this file photo taken in March 2004. Oil prices settled at a record high near 67 US dollars on Friday, Aug. 12, 2005 as US refinery outages looked set to test petrol supplies . (AP Photo/Kamran Jebreili)
An oil technician climbs down a tower at a refinery in Jebel Ali about 30 kms south of Dubai in United Arab Emirates in this file photo taken in March 2004. (AP)

UAE says oil price will force producers to freeze output

The UAE's energy minister said oil prices will restrain investements in high-cost production

Reuters, Dubai

Published: Updated:

Oil prices are not suitable and will force producers to freeze their output, the United Arab Emirates’ energy minister Suhail bin Mohammed al-Mazrouei said on Thursday, adding investments in high-cost production would also be restrained.

“Current prices are not suitable ... and will force producers to hold production levels and limit investments in the higher cost oil (production),” state news agency WAM quoted him as saying.

Get the latest stories from AlArabiya on Google News
Also Read
Editor's Choice
Expo 2020 Dubai: Virgin Hyperloop to unveil new high-speed passenger pods Expo 2020 Dubai: Virgin Hyperloop to unveil new high-speed passenger pods
Expo 2020 Dubai : Opportunity Pavilion to show how UN goals can be ‘Mission Possible’ Expo 2020 Dubai : Opportunity Pavilion to show how UN goals can be ‘Mission Possible’
Top Content
Man arrested for sexually harassing female during Saudi National Day celebrations Man arrested for sexually harassing female during Saudi National Day celebrations
We have established six armies outside our borders: Iranian military commander We have established six armies outside our borders: Iranian military commander
Iran advised Houthis not to negotiate before taking control of Marib: Yemen's FM Iran advised Houthis not to negotiate before taking control of Marib: Yemen's FM
Police seize enough drugs to kill 50 mln people, arrest two alleged dealers Police seize enough drugs to kill 50 mln people, arrest two alleged dealers
UAE’s first independent digital banking platform launches ‘virtual card’ UAE’s first independent digital banking platform launches ‘virtual card’
Russian man dies after viper snake bites tongue during stunt trick Russian man dies after viper snake bites tongue during stunt trick
Before you go
Night vision helicopter joins efforts to extinguish Turkey wildfires
Night vision helicopter joins efforts to extinguish Turkey wildfires
Explore More