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OPEC not in talks to cut oil production, only to freeze — UAE minister

September 27, 2016, 19:14 UTC+3 ALGIERS

The UAE energy minister says OPEC is not going to increase oil production

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© Maxim Slutsky/TASS

ALGIERS, September 27. /TASS /. OPEC is not in talks to cut oil production, only to freeze, Minister of Energy of the United Arab Emirates Suhail Al Mazroui told reporters on Tuesday.

"We are not talking about any reductions. At this stage, the discussions are about freezing (oil production - TASS). If we can achieve it, it would be great," he said.

At the same time, according to him, OPEC is not going to increase oil production.

"The market will recover. I am personally optimistic about the market. There is a tendency not to increase the production, because it does not make sense. It is very difficult to increase at the current prices," the minister said.

Minister of Petroleum Eulogio Antonio Del Pino told reporters eaelier that Venezuela hopes that after OPEC discussion of oil production freeze up to 1 mln barrels of oil per day may leave the market. 

Earlier, Russia’s Energy Minister Alexander Novak told TASS that in 2016 the demand for oil on the global market will increase by 1.1-1.3 million barrels, but there is still a chance of the oil price decline in winter of 2016-2017.

On September 28, at the International Energy Forum in Algeria, the countries-exporters of oil will hold an informal meeting.


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