UAE Minister: too early to decide on OPEC output
OPEC have two months to determine output before they meet in November
UAE Oil Minister, His Excellency Suhail bin Mohammed al-Mazroui said it is premature to decide whether OPEC should lower its oil output target when it meets in late November, Reuters has reported.
The OPEC basket closed a week lower on Fridat at $94.44 per barrel, compared to $95.19 per barrel last on Thursday, the secretariat said.
Last week, OPEC secretary-general Abdullah al-Badri said he expected the group to lower its output target, speaking after a meeting with the Russian Energy Minister.
But on Tuesday, Mazroui told reporters on the sidelines of an aluminium industry conference in Abu Dhabi: "It is premature to decide we will meet to discuss and agree on measures. "We still have two months to monitor. Once we meet we will make sure our supply meets demand."
Mazroui also said non-OPEC producers had a responsibility towards production. "We are one third, they are two thirds, so they have a responsibility."
The Brent crude prices recently fell below OPEC's preferred level of $100 per barrel for the first time in fourteen months.