UAE urges oil producers not to raise output in 2015
22 Dec 2014
(MENAFN) The United Arab Emirates’ Oil Ministry urged all of the world’s producers not to raise their oil output next year, saying that keeping the output levels as they are will help in stabilizing the market faster, Arabian Business reported.
“We invite everyone to do what OPEC did and take a step to balance the market through not offering additional products in 2015, and if everyone abides by the OPEC decision, the market will stabilize and it will stabilize quickly,” the UAE’s Oil Minister said.
The call by the UAE comes as the result of the prices continuing with their plunge in prices, reaching their five-year low, after OPEC made the decision last month to leave its output ceiling unchanged at 30 million barrels rather than cutting its output.
The Ministry also denied any conspiracy in relations to the continuous fall in oil prices, after a number of countries namely Iran made comments that the fall in prices is a conspiracy between the Gulf countries and the US in attempt to gain the market shares while negatively affecting other countries like Iran which needs the oil revenues to stabilize its economy.