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FINANCIAL NEWS
UAE is in no rush to cut OPEC oil output
24 Sep 2014
(MENAFN) According to senior UAE energy officials, the country is not rushing to see OPEC cut its oil output target this year in spite of the sharp declined of global crude prices, Reuters reported.
Earlier this month, OPEC has announced that it projects the group to lower its output target on its meeting in late November, secretary-general of the group said.
However, UAE’s oil minister said that it is still too early to decide on this matter, stressing the fact that the group has to meet and discuss and agree on measures of the matter.
“We still have two months to monitor. Once we meet we will make sure our supply meets demand,” United Arab Emirates oil minister told reporters in Abu Dhabi.
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