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Low oil prices to force major producers to freeze output

Oil&Gas Materials 18 February 2016 15:38 (UTC +04:00)
The UAE Energy Minister Suhail Mohamed al-Mazrouei considers that the current low oil prices will force the major oil producers to freeze the black gold [oil] output.
Low oil prices to force major producers to freeze output

Baku, Azerbaijan, Feb. 18

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The UAE Energy Minister Suhail Mohamed al-Mazrouei considers that the current low oil prices will force the major oil producers to freeze the black gold [oil] output, RIA Novosti agency reported Feb. 18.

"The current prices are inappropriate and will force the producers to keep the output level and limit investment in more expensive oil," reported Reuters citing the Arabian minister as saying.

Al-Mazrouei said Feb. 17 that oil output freeze by the OPEC countries and Russia will contribute to the balance of supply and demand in the global market.

During a meeting in Doha Feb. 16, Russia, Saudi Arabia, Venezuela and Qatar previously agreed to keep oil production at the January levels if other producers join this initiative.

Later, the Venezuelan Oil Minister Eulogio Del Pino said that the ministers of Ecuador, Algeria, Nigeria and Oman support the decision on oil output freeze.

Kuwait also agrees to join the agreement between Russia and three OPEC countries, according to Bloomberg.

In turn, representatives of the UAE and Iran also said that they will support any step to improve the situation in the market.

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