business
Oil ouput freeze already in place, says UAE
United Arab Emirates Oil Minister Suhail al-Mazroui (centre) talks to journalists during the Global Aerospace Summit in Abu Dhabi, today. – AFP pic, March 7, 2016.Emirati Oil Minister Suhail Mazrouei said today that current market prices are forcing most producers to freeze oil output levels, insisting it made "no sense" to pump more crude.
"Current prices are forcing everyone to freeze. So I think it is happening as we speak," Mazrouei told reporters in Abu Dhabi.
"It does not make any sense for anyone to increase production at current prices."
Mazrouei said he was aware of talks to hold a meeting between the Organisation of Petroleum Exporting Countries and non-Opec producers, but that he has not received an invitation.
"We hear about a meeting. I have not received an official invitation for an Opec and non-Opec meeting," he said.
"If there is an invitation, the UAE is always cooperating within Opec," he said, adding that the cartel would first have to hold talks to decide on whether to take part in such a meeting. – AFP, March 7, 2016.
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