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OPEC Has No Need to Revise Outputs Now: UAE Minister
A senior official of the United Arab Emirates (UAE) said on Saturday that it is irrational for the Organization of Petroleum Exporting Countries (OPEC) to regulate oil outputs of its member states now.
UAE Oil Minister Obeid Bin Saif Al Nasiri said that the international oil price remains fairly stable and the crude price has seen a relative decline, therefore there is no need to revise oil outputs, the Emirates News Agency reported.
Nasiri said that an OPEC meeting, due on Tuesday in Vienna, Austria, would examine the oil market and decide on the necessary measures according to the market situation.
Commenting on the decision the OPEC would take if Iraq continues halting its oil experts, Nasiri said that the Iraq issue is temporary and Iraq could resume exports at any time.
No matter Iraq resumes oil exporting, or keeps halting oil exports, the OPEC will make decisions in the light of the relation between market supply and demand, instead of changing the oil production for the time being, he said.
OPEC ministerial meetings can be convened whenever necessary, he said, adding that the price mechanism could be used when there is a need for it.
Early this month, Iraq halted its oil exports under the oil-for- food program in protest of the U.N. Security Council's extension of the program for only one month instead of six months. The Iraqi decision has deprived the international market of 2.3 million barrels of oil every day.
Iraq has said that it will keep halting its oil exports as long as the restrictions on Iraq still exist.
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