OPEC need not rush into changing oil pact: UAE

作者:Lisa 时间:2018-01-14 11:04:32 標籤: 分類:

OPEC need not respond to a rise in oil prices by rushing to change a global supply-cutting pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday.

This year's rapid rise in oil prices, which hit USD 70 this week, is backed by strong demand growth and a fall in oversupply on the back of the OPEC and non-OPEC pact, not only by political tensions, Mazroui said.

"We don't look at the price in a day and say we are in a point where we need to do changes. We need to give the market time," Mazroui, who holds the OPEC presidency, added.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

"I don't think any fundamentals have changed for us to consider (a change in the output agreement) or panic... There is no need to rush and put assumptions (about) what are we going to do," Mazroui told an industry conference.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});

related news

Germany's Social Democrats party board approves Merkel coalition deal

India hopes UK-EU divorce won't be 'very acrimonious': Suresh Prabhu

Sebi orders 3 entities to refund clients' money

Brent crude futures traded 20 cents lower at USD 69.06 a barrel at 1129 GMT, after breaking above USD 70 on Thursday for the first time since December 2014.

Mazroui said that draining the oil glut needed time to bring global oil inventories down to the industry's five-year average.

"There is no panic," OPEC Secretary-General Mohammad Barkindo told reporters in Abu Dhabi when asked about oil prices at the USD 70 a barrel level.

Oman's oil minister Mohammed bin Hamad al-Rumhi also said on Friday he was not concerned about the current rise in oil prices and that he expected prices to trade within a "healthy" range of USD 65 to USD 70 a barrel for a few weeks.

Analysts and traders have warned about the risk of a price correction since the start of 2018, but they say overall market conditions remain strong, mainly due to output cuts led by the Organization of the Petroleum Exporting Countries and Russia.

In addition to the OPEC and non-OPEC production cuts of 1.8 million barrels per day (bpd) that are due to last until the end of 2018, oil prices have found support from eight consecutive weeks of U.S. crude inventory drops.

U.S. commercial crude stocks fell by almost 5 million barrels in the week to Jan. 5, to 419.5 million barrels. That was slightly below the five-year average of just over 420 million barrels, the target for OPEC and others cutting output.

But Fatih Birol, head of the International Energy Agency, warned on Friday that while oil prices at USD 65 to USD 70 per barrel are good for oil producers now, there is a risk that such a level would encourage more oversupply from U.S. shale drillers.

Birol also said that there might be a further decline in oil production from OPEC member Venezuela in 2018 as its economic crisis hits output.



  • 中國文化大學網球社- Home | Facebook

    中國文化大學網球社. 162 likes. 文化網球隊成立至今培養無數的優秀網球選手, 我們以社團為根基致力推廣網球運動, 不管是您有無基礎或經驗, 只要帶著熱情的心 ...

  • mobicares‏ @mobicares

    介紹韓國樂隊「防彈少年團」Bangtan Boys。 #ARMY #BangtanBoys #BTS #Jimin #RunningMan #DRAN #護膚 http://ift.tt/2n0FnEK  >介紹韓國樂隊「防彈…pic.twitter.com/gO5QwmKBBL

  • 海外房產投資A Plus - Google+

    深入探討各國房產資訊與海外建案介紹,隨時更新各國投資第一手新訊息與國情脈動,能提供一個客觀又絕對安全的討論平台,小資族也能簡單致富,財富倍增享受 ...


Copyright © 2016