Officials: UAE In No Rush To Change OPEC Oil Target
ABU DHABI/FUJAIRAH, United Arab Emirates, Sept 23 (Reuters) - The United Arab Emirates is in no hurry to see OPEC cut its oil output target this year despite the sharp drop of global crude prices in the last few months, senior UAE energy officials indicated on Tuesday.
Last week, OPEC secretary-general Abdullah al-Badri said he expected the group to lower its output target when it meets in late November.
But on Tuesday, United Arab Emirates oil minister Suhail bin Mohammed al-Mazroui said in one of the first public responses by a senior Gulf oil official to Badri's comments: "It is premature to decide - we (will) meet to discuss and agree on measures.
"We still have two months to monitor. Once we meet we will make sure our supply meets demand," Mazroui told reporters in Abu Dhabi.
Matar al-Neyadi, undersecretary of the UAE's ministry of energy, told reporters in the emirate of Fujairah later in the day: "I think the existing prices are fair."
Current UAE oil output is "just below 3 million bpd", and the UAE plans to raise its output capacity to 3.5 million barrels per day by 2017, Neyadi said.
Asked if he expected UAE output and exports to remain steady for the rest of this year, he replied: "I don't think there is a change."
12
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally