Comments
There are no comments.
Add Comments
UAE Oil Minister Suhail bin Mohammed al-Mazroui expects an upward correction.
Reuters/Abu Dhabi
The United Arab Emirates' oil minister said on Monday that he expected an upward correction of oil prices next year.
"We are expecting an upward correction - 2016 will be a year of correction, to what level we will see," Suhail bin Mohammed al-Mazroui told reporters on the sidelines of an international business conference in Abu Dhabi.
He stressed that the UAE would not try to impose a correction on the market, but that market fundamentals - including a faster-than-expected recovery in demand - were indicating there would be one.
"As far as Opec is concerned and what we agreed, we are going to move to a market-driven price so supply and demand will dictate what is the right price for producers," he said.
"We are not going to interfere with that mechanism. If you think about it, today the slowdown in certain types of production tells us the current prices are not the right prices for the long term - we need some more corrections upward for the prices."
He added, "Whether it is 80 or 70 (dollars per barrel), the market will determine that as we have production coming from different sources."
Asked about the possibility of Iranian oil production increasing after international sanctions on Tehran are removed, Mazroui said:
"Iran is a member of Opec and we think that every country has freedom with its production, but we hope that as an Opec group we remain all on the same line of thinking and take group decisions, and we hope that members remain committed to the production ceiling of Opec as that will support the balance of prices."
There are no comments.
SPORT Saying goodbye is never easy, especially when you are saying farewell to those that have left a positive impression. That was the case earlier this month when Canada hosted Mexico in a friendly at BC Place stadium in Vancouver.
TECHNOLOGY Some 60mn primary-school-age children have no access to formal education
CULTURE Lekhwiya’s El Arabi scores the equaliser after Tresor is sent off; Tabata, al-Harazi score for QSL champions
ARABIA The Yemeni Minister of Tourism, Dr Mohamed Abdul Majid Qubati, yesterday expressed hope that the 48-hour ceasefire in Yemen declared by the Command of Coalition Forces on Saturday will be maintained in order to lift the siege imposed on Taz City and ease the entry of humanitarian aid to the besieged
ARABIA Some 200 teachers from schools across the country attended Qatar Museum’s (QM) first ever Teachers Council at the Museum of Islamic Art (MIA) yesterday.
ARABIA The Supreme Judiciary Council (SJC) of Qatar and the Indonesian Supreme Court (SCI) have signed a Memorandum of Understanding (MoU) on judicial co-operation, it was announced yesterday.
ECONOMY Sri Lanka is keen on importing liquefied natural gas (LNG) from Qatar as part of government policy to shift to clean energy, Minister of City Planning and Water Supply Rauff Hakeem has said.
