13 Jan 2015
OPEC cannot continue to be protecting a certain price - UAE Energy Minister Suhail al-Mazrouei
FXStreet (Mumbai) - The United Arab Emirates Energy Minister said at the Gulf Intelligence UAE Energy Forum in Abu Dhabi today that OPEC can no longer protect crude prices, while mentions that oversupply from shale oil needs to be corrected.
Key Quotes:
"We (OPEC) cannot continue to be protecting a certain price,"
"We have seen the oversupply, coming primarily from shale oil, and that needed to be corrected,"
Mazrouei said that his country remains "concerned" about balance in the oil markets but "cannot under any circumstances be the only party responsible,"
"We are telling the market and other producers to be rational, to be like OPEC and look at growth in the market,"
On shale oil boom, he said, "Shale oil brings almost four million (barrels per day) for the United States,
and the hope is that it will bring another four million by 2020. That cannot be sustained, produced or invested in at the current oil price,"
"It is unlikely that we'll see a sudden rise (in prices)."
Key Quotes:
"We (OPEC) cannot continue to be protecting a certain price,"
"We have seen the oversupply, coming primarily from shale oil, and that needed to be corrected,"
Mazrouei said that his country remains "concerned" about balance in the oil markets but "cannot under any circumstances be the only party responsible,"
"We are telling the market and other producers to be rational, to be like OPEC and look at growth in the market,"
On shale oil boom, he said, "Shale oil brings almost four million (barrels per day) for the United States,
and the hope is that it will bring another four million by 2020. That cannot be sustained, produced or invested in at the current oil price,"
"It is unlikely that we'll see a sudden rise (in prices)."