UAE Oil Min­is­ter de­fends OPEC’s ceil­ing de­ci­sion

Kuwait Times - - BUSINESS -

DUBAI: United Arab Emi­rates’ en­ergy min­is­ter said he did not re­gret last year’s OPEC de­ci­sion not to cut the pro­duc­tion ceil­ing in the face of fall­ing prices. “I am sure that the de­ci­sion was right and I am con­fi­dent that the mar­ket will sta­bi­lize,” Suhail AlMazrouei said at in in­dus­try con­fer­ence in Dubai yes­ter­day. “We are not re­gret­ting the de­ci­sion we took, we had no op­tion,” he said. “Yes it’s painful for many pro­duc­ers around the world and we share that pain, but it doesn’t mean that we need to do some­thing that is not sus­tain­able.” Mazrouei also said the oil mar­ket would de­cide what the best price was, adding that the de­ci­sion not to cut pro­duc­tion was not just about de­fend­ing mar­ket share. “The drive was not to pro­tect mar­ket share and not to care about the price. I think we need to look at it dif­fer­ently than just pro­tect­ing the mar­ket share,”he said.

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