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Thursday, 12 January 2017

U.A.E. Says $50 Oil ‘Isn’t Going to Cut It’ for Producers - Bloomberg

U.A.E. Says $50 Oil ‘Isn’t Going to Cut It’ for Producers - Bloomberg:
"Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

Prices have climbed almost 20 percent to above $50 a barrel since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut. OPEC is reducing output along with 11 other producing nations including Russia after a slump in oil prices the past two years eroded revenue.

Crude at $50 a barrel “isn’t going to cut it” for most producers, Mazrouei told an Abu Dhabi energy conference Wednesday. When asked if that level should be a floor, he said: “I will never quote a price because I truly believe we should not target a price.”"

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