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Oil prices at 2003 low, UAE minister says OPEC ready to cooperate

by ChemOrbis Editorial Team -
  • 12/02/2016 (17:04)
On Thursday, NYMEX March crude oil futures were closed at the lowest levels seen since May 2003, settling $1.24 lower at $26.21/barrel amidst concerns over an already oversupplied market and ongoing weakness in demand stemming from a slowing global economy.

After crude oil prices hit the lowest levels seen in nearly 13 years, the United Arab Emirates’ (UAE) energy minister Suhail bin Mohammed al-Mazrouei said the Organization of the Petroleum Exporting Countries (OPEC) is ready to cooperate with other exporters to cut production, according to media reports. However, some analysts commented that any cooperation between OPEC and non-OPEC countries about a production cut is unlikely.

Previously, Goldman Sachs reported that oil prices may fall below $20/barrel, claiming that the efforts to balance supply and demand makes prices more volatile.

Following the minister’s statements, oil prices rebounded in intraday trading with NYMEX March crude oil futures currently trading at around $27.46/barrel while Brent April crude futures are also hovering at around $31.38/barrel.
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