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Oil falls again Emirates confirms that OPEC's decision to maintain the level of production was the right one
1/14/2015
Tomorrow Press / Follow-up: continued oil futures prices of its losses on Tuesday registered its lowest level in nearly six years with the Defense Minister of the UAE's oil from OPEC's decision not to cut production to address the oversupply. In later trading US crude pared losses due to purchases to cover short positions and reached parity with the Brent crude oil for the first time in three months. Oil prices have already fallen for seven consecutive weeks and so far this week, Brent crude was down about eight per cent of US crude and about five per cent. Oil prices have tumbled about 60 percent from its peak in June, in June 2014 due to increased production, especially from oil shale while the demand outlook in Europe and Asia declined, and instead of reducing production to restore balance to the market, OPEC producers displays opponents in prices to customers in an attempt to defend their market share . By the end of trading, the price of Brent crude oil futures for February delivery settled $ 0.84, or 1.77 per cent to $ 46.59 and was down in earlier trading to $ 45.19 a barrel, recording its lowest level since March 2009. And went down the price of US light crude for February delivery settled $ 0.18, or 0.39 per cent to $ 45.89 after falling earlier to $ 44.20.
The oil minister said the UAE Suhail bin Mohammed Mazrui on Tuesday that OPEC's decision in November to maintain the production level unchanged was correct.
Mazrui has shown no sign of easing its position on the need for OPEC to reduce production of other producers, especially the US shale oil producers.
The minister told an energy conference in Abu Dhabi, "the strategy will not change ..." he said, adding that failure to change production, "sends a message to the market and to other producers that they should also bring rationality and that they should follow the example of OPEC to look to the global oil market development and adapted to increase production with that growth.
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1/14/2015
Tomorrow Press / Follow-up: continued oil futures prices of its losses on Tuesday registered its lowest level in nearly six years with the Defense Minister of the UAE's oil from OPEC's decision not to cut production to address the oversupply. In later trading US crude pared losses due to purchases to cover short positions and reached parity with the Brent crude oil for the first time in three months. Oil prices have already fallen for seven consecutive weeks and so far this week, Brent crude was down about eight per cent of US crude and about five per cent. Oil prices have tumbled about 60 percent from its peak in June, in June 2014 due to increased production, especially from oil shale while the demand outlook in Europe and Asia declined, and instead of reducing production to restore balance to the market, OPEC producers displays opponents in prices to customers in an attempt to defend their market share . By the end of trading, the price of Brent crude oil futures for February delivery settled $ 0.84, or 1.77 per cent to $ 46.59 and was down in earlier trading to $ 45.19 a barrel, recording its lowest level since March 2009. And went down the price of US light crude for February delivery settled $ 0.18, or 0.39 per cent to $ 45.89 after falling earlier to $ 44.20.
The oil minister said the UAE Suhail bin Mohammed Mazrui on Tuesday that OPEC's decision in November to maintain the production level unchanged was correct.
Mazrui has shown no sign of easing its position on the need for OPEC to reduce production of other producers, especially the US shale oil producers.
The minister told an energy conference in Abu Dhabi, "the strategy will not change ..." he said, adding that failure to change production, "sends a message to the market and to other producers that they should also bring rationality and that they should follow the example of OPEC to look to the global oil market development and adapted to increase production with that growth.
[You must be registered and logged in to see this link.]
