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Emirates is confident that the oil market will stabilize

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Emirates is confident that the oil market will stabilize


11/19/2015 0:00

Baghdad follow up the morning
's energy minister said the UAE Suhail Al Mazroui: It's not regret OPEC last year's decision not to cut production ceiling and non-intervention to support prices in the face of falling.
and Mazroui told the conference on the oil industry in Dubai on Wednesday: I was confident that the decision was sound and the market will regain its balance. He added: We are not repentant at the decision that we took. We did not have any choice. Yes it is painful for a lot of producers around the world and we share this pain, but that does not mean that we are forced to do something is not sustainable.
He said Al Mazroui: that the oil market will decide what is the best price for oil, and that the decision not to cut production was not intended to only defend the market share of OPEC.
He explained Mazroui: The oil sector needs to monitor supply and demand, and that he should not be allowed to glut in the supply of distorting the market.
He stressed: that he was confident that the market will stabilize on its own and that he sees signs of this stability.
It is scheduled that OPEC ministers will hold their next meeting in Vienna in the fourth month of December to decide on production policy in the organization.
Iran has announced its position on the oil market situation, where, said Iranian Oil Minister Begin Zanganeh Tuesday that Tehran will not ask permission from OPEC to increase its production after the lifting of the sanctions imposed by the beginning of 2016.
The minister said during a press conference «We will not negotiate with OPEC to increase our production. We will inform them about it only in order to adapt »with the situation.
It comes Iranian announcement while the oil market is currently experiencing a surplus in supply after it plunged OPEC, particularly Saudi Arabia for more than a year the oil market for the defense of their shares before the rocky fuel the US, the price calculation.
The minister announced in recent weeks that Iran will increase its production by 500 000 barrels per day immediately after the lifting of international sanctions as of 2016 in the framework of the nuclear deal with the great powers.
He added that the production of one million barrels per day will increase after year. He said Iran, which lost their share of the world oil market because of the sanctions «will not ask anyone's permission» to be retrieved.
And Iran, which currently produces 2.8 million barrels of oil per day were produced before tightening sanctions around 3.8 million barrels per day.

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