Will oil prices continue to decline next year? The oil Department of the United Arab Emirates doesn't think so
will oil prices continue to decline next year? The oil Department of the United Arab Emirates doesn't think so
October 27, 2015
[China paint information] Suhail bin Mohammed al mazroui, the oil minister of the United Arab Emirates, said on Monday (the strain produced elastic deformation on October 26) that it was expected that the oil price would be revised upward next year
"we expect an upward revision in 2016," Al mazroui told during the international business conference in Abu Dhabi. He stressed that the UAE would not try to force the market to correct, but market fundamentals such as demand rebounding faster than expected showed that there would be a correction
"as for OPEC, we all agree that we should move towards a market-oriented price mechanism, so that the supply and demand situation will determine a reasonable price," he said. "We will not intervene in this mechanism. Thinking about it, we will find that the current decline in some product markets tells us that the current price is unreasonable in the long run - we need to see further upward correction."
1. System management function it also added, "whether $80 or $70 (per barrel) is appropriate will be decided by the market peak market, because we have different sources of output."
when asked about the possibility of increasing production in Iran after the international sanctions against Iran are lifted, Al mazroui said, "Iran is an OPEC member state, and we believe that every country has the right to produce, but we hope that as an OPEC member state, we will still maintain a unified position and make an overall decision. We hope that Member States will abide by the OPEC output ceiling, because it will support price equilibrium."
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