Oil producers moving towards freezing production

Supply-oil.jpg

Suhail Al Mazroui , UAE Energy Minister, said oil producers are moving towards freezing production as oil prices drop due to over production.

“Today everyone is moving towards freezing production, whether they like it or not. All will be forced to freeze production. This is the reality,” said Suhail Al Mazroui, while speaking to reporters in Abu Dhabi.

If there is an agreement by all to freeze production, he said, an early meeting would take place. “There is no need to meet to decide nothing.”

He said the UAE supports any consensus by producers to cap production. “Current prices will force everyone to freeze production. Stubbornness is not useful anymore. The market decides fair prices. We need patience and time for prices to rebound.”

Meanwhile, Adnoc Distribution rolled out pilot phase of Adnoc smart self-refueling service in Abu Dhabi on Tuesday. Set to run until October 1, the pilot phase covers four service stations in Abu Dhabi.
Source: Gulf News