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UAE Energy Minister: We are concerned about lower oil prices

by ChemOrbis Editorial Team -
  • 05/11/2014 (17:28)
According to local media reports, United Arab Emirates’ Energy Minister reported earlier this week that the country is concerned by the decreasing oil prices but added that they are not panicking, yet.

On top of the lower oil prices both on NYMEX and Brent, the absence of signs that OPEC will curb output also adds to the situation. Abundant supplies of high-quality oil, such as U.S. shale gas, have overwhelmed demand in many markets.

The Minister declined to say if OPEC would cut output when they meet on November 27 in Vienna. The gathering is shaping up to be one of OPEC’s most important in years. Some OPEC members voiced concerns over the drop in prices, given the indications that OPEC is unlikely to cut its output target. OPEC’s secretary general also said last week that OPEC’s oil production is unlikely to change much in 2015.
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