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No need for emergency OPEC meeting over oil price decline, says UAE’S Mazroue

Posted on 27 June 2013

There is no need for OPEC to hold an emergency meeting over declining oil prices, UAE Oil Minister Suhail al-Mazrouei said Wednesday. “Oil price fluctuation is natural. The current price is fair and acceptable to producers and does not deter required oil industry investment in producing countries,” Mazrouei said at a media briefing at the ministry in Abu Dhabi, the official WAM news agency said.
“At its May ministerial meeting in Vienna, OPEC set its production target at 30 million b/d until the end of this year. I do not see the need to adjust the level of production. It provides an adequate supply of oil to the market, in balance with global demand for OPEC oil,” he said………………………………………..Full Article: Source


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