Arab Today, arab today uae too early to decide to reduce oil output
Last Updated : GMT 13:27:38
Arab Today, arab today
Arab Today, arab today

UAE: Too early to decide to reduce oil output

Arab Today, arab today

Arab Today, arab today UAE: Too early to decide to reduce oil output

Kuwait - Arabstoday

It\'s \"too early\" to say if the Organisation of Petroleum Exporting Countries (Opec) should rein in supply as Libyan production resumes, according to the UAE energy minister. The market needs more oil, his Kuwaiti counterpart said. \"We don\'t really know when Libya will be back,\" Mohammad Bin Dha\'en Al Hameli, Minister of Energy, said yesterday at a conference in Singapore, when asked about whether the UAE would cut output as Libya starts to pump more crude. \"We have to wait.\" \"The market needs about 1.5 million barrels a day more until the end of this year, or until the beginning of next year,\" Mohammad Al Busairy said in Kuwait. The UAE and Kuwait, responsible for about a third of oil produced by Opec\'s Gulf Arab nations, have raised output since March along with the world\'s biggest crude exporter Saudi Arabia as exports from Libya were shuttered during the armed rebellion to oust former leader Muammar Gaddafi. The UAE is producing 2.5 million barrels a day, 12 per cent more than its quota, while Kuwait\'s 2.9 million is 31 per cent more than its agreed limits, according to Bloomberg calculations based on information from the ministers. Brent crude has dropped 14 per cent from its highest price this year as Libya started producing and amid forecasts of slowing global growth. It traded below $110 (Dh404) a barrel yesterday on the ICE Futures Europe exchange, compared with the two and half year settlement high of $126.65 reached on April 8. \"Our main aim as a producer is to make sure the market is well supplied and we are doing that,\" Al Hameli said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae too early to decide to reduce oil output Arab Today, arab today uae too early to decide to reduce oil output

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae too early to decide to reduce oil output Arab Today, arab today uae too early to decide to reduce oil output

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday