UAE: Adjustment is necessary

UAE Energy Minister Suhail Bin Mohammad Al Mazroui said yesterday that an adjustment in global oil output is required and all producers must be on board.

“What is that adjustment, and what is the level, from what level — that is what will be discussed,” Mazroui said. “An adjustment means a decrease in production... It’s important that everyone is on board.” Oil ministers from the Organization of Petroleum Exporting Countries meet on Thursday in Vienna, followed by talks with non-Opec oil producers on Friday.