Non-OPEC Producers Called on to Cut Oil Output After Rout - Bloomberg

Non-OPEC Producers Called on to Cut Oil Output After Rout - Bloomberg:



"Oil producers outside of OPEC should cut their “irresponsible” output with excess supplies harming the market, the United Arab Emirates energy minister said.



The oil market is oversupplied by 2 million barrels a day, Mohammed Al Sada, Qatar’s energy minister, told Bloomberg at a conference in Abu Dhabi. The Organization of Petroleum Exporting Countries has produced about 30 million barrels a day since January 2013 while global output climbed more than 2 million barrels a day to 93.6 million barrels, according to data compiled by Bloomberg. 




“We call on all other producers to stop the increase because the increase is harming the market,” U.A.E. Energy Minister Suhail Al Mazrouei told Bloomberg at the conference. “If the increase stops, and they follow OPEC’s lead, OPEC’s decision is to fix production, if production stabilizes in 2015 things will stabilize much faster.”"



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