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Wednesday, 12 October 2016

UAE energy minister says OPEC committed to working with others to balance market | Reuters

UAE energy minister says OPEC committed to working with others to balance market | Reuters:

"The United Arab Emirates' energy minister said on Wednesday that OPEC members were committed to working with other oil producers to balance the oil market and there is a realization that an oil price of $40 is not sustainable and needs to rise.

"I think there is a commitment not only from OPEC but from Russia ... this is now more of a market and international responsibility and we are all committed in OPEC to work with others to find a solution," Suhail bin Mohammed al-Mazrouei told reporters at the World Energy Congress in Istanbul.

"There is a realization that the oil price of 40 dollars is not something that is sustainable. We need to work towards something higher than that," he said."



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