Tags
United Arab Emirates energy minister said on Monday that current oil prices will force many producers to freeze output and that a correction in prices would take time.
"I believe that the current oil prices are forcing everyone to freeze so I think it is happening as we speak. It doesn't make any sense for anyone to increase production at the current prices," Suhail bin Mohammed al-Mazrouei told reporters.
"The majority of the world, 99.8 percent, maybe 99.9 percent, are not going to increase production. To the contrary many producing assets are losing now at the current oil prices... We are seeing a reduction and we will see a reduction in those fields," he said.
"This is all good news towards balancing the market. We just need to be patient. It's not happening in weeks or months. Correcting to a sustainable price will take time. I'm still optimistic that before the end of year we will see a correction."
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.
