UAE
News
January 14, 2015
KUWAIT CITY and ABU DHABI (Bloomberg) -- Oil oversupply that sent prices to a five-year low will probably persist until at least the second half when demand is set to recover, according to Kuwait’s oil minister and the OPEC governor of the United Arab Emirates. Faster global economic growth will be needed to help absorb the oil surplus estimated at 1.8 MMbpd, Kuwait Oil Minister Ali Al-Omair told reporters in parliament. A demand-led recovery is seen in the second half, the U.A.E.’s Governor to OPEC Ali Al Yabhouni told reporters in Abu Dhabi.
News
January 13, 2015
ABU DHABI (Bloomberg) -- OPEC nations can withstand a drop in crude prices to the lowest in more than five years, while shale drillers will probably be the first to curb production amid the collapse, the United Arab Emirates’ energy minister said. Oil slumped almost 50% last year, the most since the 2008 financial crisis, amid a supply surplus that the U.A.E. and Qatar estimate at 2 MMbopd. The Organization of Petroleum Exporting Countries is battling a U.S. shale boom by resisting production cuts, signaling its readiness to let prices fall to a level that slows American output, which has surged to a three-decade high.
News
December 22, 2014
ABU DHABI (Bloomberg) -- Saudi Arabia and the United Arab Emirates reiterated pledges to keep pumping the same amount of crude, blaming non-OPEC producers for the glut of oil that’s driven prices to the lowest in five years. Suppliers from outside the Organization of Petroleum Exporting Countries should cut “irresponsible” output, U.A.E. Energy Minister Suhail Al Mazrouei said in Abu Dhabi. Even if non-OPEC producers were to offer cuts, OPEC probably wouldn’t follow suit, Saudi Oil Minister Ali Al-Naimi said. The two countries account for about 40% of OPEC supply.
