ABU DHABI/FUJAIRAH: 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 yesterday.
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 yesterday, UAE 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.”
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.
Saudi Arabian Oil Minister Ali Al Naimi on Monday also seemed to downplay worries about the impact of lower oil prices.
Reuters
