| It is too early for OPEC countries to make a decision on lowering the organization’s output target, United Arab Emirates Energy Minister Suhail Al-Mazroui told reporters on Tuesday, despite oil prices falling below the critical 100 US dollar per barrel mark in recent months amid weak global demand and steady supply boosted by the US shale oil boom.
Speaking at a news conference in Abu Dhabi, Mazroui said it was “premature to decide” on lowering the group’s output in order to stabilize prices, saying OPEC would “meet to discuss and agree on measures” in November. This comes one week after OPEC Secretary-General Abdullah Al-Badri said the group would discuss lowering its daily output of 30 million barrels per day (bpd) by 500,000 bpd during its November meeting...............................................Full Article: Source
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