7 Jan 2015
Oil glut could run for years – UAE Energy Minister
FXStreet (Mumbai) - Amid the rout in Crude prices, UAE Energy Minister Suhail Al Mazrouei said the oil glut could run for months or even years, reports Abu Dhabi-based The National.
“We are experiencing an obvious oversupply in the market that needs time to be absorbed,” the Mazrouei said in an e-mail to the newspaper. “Depending on the actual production growth from non-OPEC countries, this problem could take months or even years,” the UAE’s Mazrouei was quoted as saying in The National, referring to oversupply. “If they act rationally, we can see positive corrections during 2015.”
The Energy Minister also said his country supported the Organization of Petroleum Exporting Countries(OPEC) group’s decision in November 2014 to maintain production.
“We are experiencing an obvious oversupply in the market that needs time to be absorbed,” the Mazrouei said in an e-mail to the newspaper. “Depending on the actual production growth from non-OPEC countries, this problem could take months or even years,” the UAE’s Mazrouei was quoted as saying in The National, referring to oversupply. “If they act rationally, we can see positive corrections during 2015.”
The Energy Minister also said his country supported the Organization of Petroleum Exporting Countries(OPEC) group’s decision in November 2014 to maintain production.