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Commodities Briefing - Categorized | Oil, Price Watch more

UAE support for oil price as demand picks up

Posted on 15 April 2014

Oil prices approaching US$110 a barrel are “acceptable” for producers and consumers, and Opec does not need to change its output target, said the UAE’s deputy energy chief. The group is scheduled to next meet in June in Vienna to debate its 30 million barrel per day (bpd) production ceiling, which has remained unchanged since December 2011.
“I don’t think there will be any change in the quota,” said Matar Al Neyadi, the undersecretary of the UAE Ministry of Energy. “The market is stable, the supply is stable. The price is acceptable and comfortable for the producing countries and the consuming countries.”……………………………………….Full Article: Source


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