Dec 12 2013
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Gulf OPEC states will not act unilaterally to balance market-UAE oil minister
Thursday, Dec 12, 2013
By Summer Said
Gulf members of the Organization of the Petroleum Exporting Countries, or OPEC , will not act unilaterally in the future to balance the market, the United Arab Emirates' energy minister said Thursday.
"As a group we are reacting to make sure that the market is well-supplied and we will continue this coordination to make sure that supply is there," Suhail Mohamed Al Mazrouei said on the sidelines of an energy event in Dubai.
"The OPEC decision will be always collective. We cannot do something unilaterally," he said.
Earlier this month, OPEC decided to keep its output ceiling unchanged despite the threat of rising supply that could weigh on prices.
However, Mr. Mazrouei hinted that the group may not need to trim its output next year due to expected growth in the market.
"The good news is that there is growth in the market, even in Europe we expect growth next year. Also we have issues in the area like Syria and some instability in some OPEC countries like Libya and it depends where they are going to be in the next six months," he added.
Write to Summer Said at firstname.lastname@example.org
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