All options are on the table – UAE Oil Minister

UAE Oil Minister Suhail Al Mazroui emphasized that ‘all options are on the table’ at tomorrow’s OPEC meeting in Vienna, adding at the same time that the oil market will eventually rebalance.

His comments have come after DJ agency reported that Iran will consider freezing its output once it hits 3.97 mbpd early in 2017, while Iraq agreed to freeze (not cut) production from 4.55 mbpd.

At the moment, the barrel of Brent crude is down 3.5% at $47.50, while the West Texas Intermediate is hovering over the $45.40 area per barrel, down 3.6%.