Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy of the UAE, today 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.
The Organisation of Petroleum Exporting Countries, has not officially called for an emergency meeting, the minister said, noting that there is talk about cooperation between Opec members and non-Opec countries. "We have not received any invitation to such a conference."
What Opec should to do address the situation at global markets is "cut production", but if this is difficult to agree on at present, then it would be necessary for to agree to hold their production levels, the UAE energy minister said.