UAE urges world's oil producers not to raise output in 2015, says it will stabilise prices

The United Arab Emirates oil minister urged all of the world's producers on Sunday, Dec 21, 2014, not to raise their oil output next year, saying this would quickly stabilise prices. -- PHOTO: REUTERS
The United Arab Emirates oil minister urged all of the world's producers on Sunday, Dec 21, 2014, not to raise their oil output next year, saying this would quickly stabilise prices. -- PHOTO: REUTERS

ABU DHABI (Reuters) - The United Arab Emirates oil minister urged all of the world's producers on Sunday not to raise their oil output next year, saying this would quickly stabilise prices.

"We invite everyone to do what OPEC did and take a step to balance the market through not offering additional products in 2015, and if everyone abides by (the) OPEC decision, the market will stabilise and it will stabilise quickly," Suhail Bin Mohammed al-Mazroui said.

He was speaking to reporters on the sidelines of a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi. OPEC refers to the Organization of Petroleum Exporting Countries, whose 12 members include Algeria, Angola, Ecuador, Nigeria and Venezuela in addition to the Arab states.

OPEC's decision late last month to leave its output ceiling unchanged, rather than cutting it, was followed by a fresh plunge of oil prices.

Iranian Oil Minister Bijan Zangeneh said last week that the continuing price slide was a "political conspiracy"; Iran needs a high oil price to ease pressure on its state finances.

But Mazroui said on Sunday: "There is no conspiracy, there is no targeting of anyone. This is a market and it goes up and down."