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29 March 2024

UAE urges all oil producers not to raise output in 2015

Weakness across oil markets became evident last week when for the first time since 2009, the entire oil complex slipped into contango. (AP)

Published
By Reuters

The UAE oil minister urged all of the world's producers on Sunday not to raise their oil output next year, saying this would quickly stabilise prices.

"We invite everyone to do what Opec did and take a step to balance the market through not offering additional products in 2015, and if everyone abides by (the) Opec decision, the market will stabilise and it will stabilise quickly," Suhail Bin Mohammed Al Mazroui said.

He was speaking to reporters on the sidelines of a meeting of ministers of the Organisation of Petroleum Exporting Countries (Opec) in Abu Dhabi.

Opec's decision late last month to leave its output ceiling unchanged, rather than cutting it, was followed by a fresh plunge of oil prices.

Iranian Oil Minister Bijan Zangeneh said last week that the continuing price slide was a "political conspiracy"; Iran needs a high oil price to ease pressure on its state finances.

But Mazroui said on Sunday: "There is no conspiracy, there is no targeting of anyone. This is a market and it goes up and down."   

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would likely remain above $60 for the rest of the year.