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ABU DHABI / WAM
Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy of the UAE, on Tuesday urged OPEC members and non-OPEC producers to hold their production at January levels to stabilise global oil markets.
“All producers must willy-nilly freeze their production,†he said, stressing that the current talk about a significant short-term increase in production is neither realistic nor economically feasible.
The UAE will not act alone but will work with others and support the majority in any decision aimed to stabilise the oil market, Al Mazrouei stressed in statements at a ceremony to launch smart self-refuelling service at oil stations in the emirate of Abu Dhabi.
“I believe that current prices will force all to stabilise production. Holding production is no longer an option but a necessity that everyone should consider,†Al Mazrouei told WAM.
Current demand on oil is not weak but there is oversupply and all producers should work in a serious manner to stabilise the oil market, he added.
“Oil prices are determined by market fundamentals. We do not interfere in the process. But if there was commitment to stabilsing production then we will see the results in the market,†the minister added.