UAE says too early for OPEC to decide on ceiling cut

摘要

London—UAE oil minister Souhail al-Mazrouei said Tuesday it was too early for OPEC to decide whether it should reduce its 30 million b/d crude output ceiling at its next ministerial meeting in November. Oil prices have been falling since mid- August, driven by expectations that growth in world oil demand will be outpaced by growth in supply. OPEC secretary general Abdalla el-Badri said last week that lower output would be required from the oil producer group next year. Mazrouei, quoted by UAE official news agency WAM, said: “It is premature to take a decision on whether the Organisation of Petroleum Exporting Countries, OPEC, should reduce its production ceiling at its meeting in November to consult and agree on the procedures.”