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Some "irresponsible" oil states trigger oil price decline: UAE minister
A senior official of the United Arab Emirates (UAE) said on Sunday some Arab countries which are not members of Organization of Arab Petroleum Exporting Countries (OAPEC) triggered "the deterioration in oil prices due to irresponsible oil production," the state-run news agency WAM reported.
Suhail Al-Mazrouei, the minister of oil and energy of UAE, made these remarks at the Arab Energy Conference in Abu Dhabi. The three-day conference which runs in its 10th edition will run through Tuesday.
Al-Mazrouei said the world had witnessed a significant decrease in oil prices since this summer, "which has created and will create a significant economic burden on OAPEC members."
He said that one of the biggest reasons that led to the deterioration in prices is the irresponsible oil production by some non-member bodies, some of which are new to the oil market.
Al Mazrouei added that despite the challenges facing the oil markets, the UAE has full confidence in Organization of the Petroleum Exporting Countries' (OPEC) recent decision to give the market time to achieve balance, and it was correct and strategic to benefit the global economy.
He urged OAPEC members to discuss the market situation and take measures to reach an equilibrium in the oil market, "in order to encourage investments in Arab markets and thus enhance our future role in the global oil market."
On Nov. 27, the 12-member global OPEC body in Vienna decided to keep the production quota steady at 30 million barrels per day, a move which was advocated by Saudi Arabia in particular.
[Source: Xinhua, Dubai, 21Dec14]
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