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UAE Ready to Work for Stable Oil Market: Minister
The United Arab Emirates (UAE) will make efforts to help keep the world oil market stable, Oil Minister Obeid Bin Saif al Nasiri said on Wednesday.
Obeid said the international oil market was experiencing a rise of oil supply, expressing worry that this would further drive down the prices.
"The drop of oil prices requires intervention by members of the Organization of Petroleum Exporting Countries (OPEC) and also non- OPEC producers to maintain a balance in the oil market," Nasiri told the official WAM news agency.
"As an active member, the UAE will join hands with the fellow OPEC producers to avoid price fluctuations," he said.
The Gulf Cooperation Council (GCC) summit held on Saturday and Sunday in Manama, Bahrain, called for a reduction in a bid to keep the oil prices above 25 U.S. dollars a barrel.
Kuwait, Qatar, Saudi Arabia and the UAE are OPEC members within the GCC, which also includes Bahrain and Oman, two non-OPEC oil producers.
The oil prices have fallen to less than 21 dollars a barrel. Kuwait and Saudi Arabia have called for a reduction of production by 1.5 million to 2 million barrels per day.
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