37906
UAE Sees Oil Price Correction
Energy

UAE Sees Oil Price Correction

The UAE foresees a “correction” in crude prices by the end of the year, and the OPEC member has yet to receive an invitation to a possible meeting of oil-producing nations seeking to rein in a global supply glut, UAE's Energy Minister Suhail Al Mazrouei said. Markets are poised to rebalance, as many oil producing assets outside the Organization of Petroleum Exporting Countries lose money at current prices, Al Mazrouei told reporters on Monday in Abu Dhabi, Bloomberg reported. Declining output at fields that need higher prices to break even is “good news” that points toward a more stable market, he said. “I’m still optimistic that at the end of the year or before the end of the year, we will see some correction,” Al Mazrouei said. “We need to be patient. It’s not happening in weeks or months. Correcting to a sustainable price will take time.” The UAE was OPEC’s fourth-biggest producer in February, pumping 2.98 million barrels a day, according to data compiled by Bloomberg.  

 

Short URL : http://goo.gl/HvYQqt
  1. http://goo.gl/eMXuo2
  • http://goo.gl/lCOJfT
  • http://goo.gl/RkeD4f
  • http://goo.gl/Rx7Cpv
  • http://goo.gl/PRVi99

You can also read ...

NIOC has concluded MoUs with Austria’s OMV and Thailand’s PTTEP for undertaking surveys on the oilfield.
Singapore-based Berlanga Group has signed a memorandum of...
Essar’s Oct. Iran Oil Imports Fall
Indian private refiner Essar Oil’s imports from Iran fell by...
Tehran and Dushanbe have discussed the idea of using tracts of land in Tajikistan for cultivating crops to be imported back to Iran.
In his first overseas trip as Iran's energy minister, Reza...
IEA: US to See Most Crude Output Growth in 10 Years
The United States is expected to account for more than 80% of...
Just two offshore companies accounted for 45% of the total owed creditors this year.
Offshore oil drilling and services companies, hurt by the...
S. Arabia’s Falih: 50% of Excess Oil Remain
The world will still have a surplus of oil by the end of March...
Oil Prices Set for Weekly Fall
Oil prices rose on Friday but remained en route for their...
Iran Oil Minister Plays Down Total's Exit From Binding Gas Deal
Iranian Oil Minister Bijan Namdar Zanganeh says Total S.A.'s...

Trending

Googleplus