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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

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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.