• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 1 hour Australian Voters Reject 'Climate Change' Politicians
  • 8 hours Australia Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 34 mins Shale to be profitable in 2019!!!
  • 12 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 2 hours Global Warming Making The Rich Richer
  • 16 hours IMO2020 To scrub or not to scrub
  • 16 hours California Threatens Ban on ICE Cars
  • 16 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 2 mins Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 2 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 8 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 16 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 8 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 12 hours Some Good News on Climate Change Maybe
The Politicization Of European Gas

The Politicization Of European Gas

The Politicization Of European Gas…

California Threatens Gasoline Car Ban

California Threatens Gasoline Car Ban

California might ban gasoline-powered cars…

UAE Supports High Oil Prices and Believes Demand will Remain Weak in 2013

On 31st May, OPEC (the Organisation of Petroleum Exporting Countries) will meet to review its target for oil production for the year, which will help ensure that supply from its members is sufficient to meet demand.

As OPEC prepares for this meeting, Suhail Mohammed al Mazrouei, the energy minister for the United Arab Emirates (UAE), has announced that his nation believes the current crude prices are “suitable and fair.” Of the 12 member countries that form OPEC, providing 40% of the world’s crude oil

Al Mazrouei, who took over as the new energy minister for the UAE in March of this year after a cabinet reshuffle by Prime Minister Mohammed bin Rashid al Maktoum, explained that OPEC is currently producing 30.4 million barrels a day, just a “little above the organization’s target, and this reflects the demand on its crude.” The high demand has forced higher production, justifying the high prices.

Related article: Peak Oil Price: The Latest Industry Worry

Bloomberg reported that Al Mazrouei expects growth in global demand for crude oil to be “relatively weak this year,” increasing by just 800,000 barrels a day.

On Monday Brent crude futures were selling at $102.38 a barrel on the London-based ICE Futures Europe exchange, and the US West Texas Intermediate contracts for July were trading at $93.50 on the New York Mercantile Exchange.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News