Saudi Arabia, UAE plan to slash output to rescue oil prices
The world's top oil producer, Saudi Arabia and two other gulf states have declared they are prepared to slash output to rescue battered prices at their next meeting in Vienna on November 13. Oil prices have fallen 25 percent since mid-September.
The Organization of Petroleum Exporting Countries (OPEC) has been struggling to steer prices back up to a target price band of $22-$28 for its basket of seven crudes, with $25 seen as an ideal level.
At a joint news briefing on Saturday, October 27, UAE Minister of Petroleum and Mineral Resources Obeid Bin Saif Al Nasiri and his Saudi and Omani counterparts issued a joint statement to enlist the participation of non-OPEC countries such as Oman, in supply curbs, reported AFP .
Omani Minister of Petroleum and Natural Gas Mohammed Bin Hamad Bin Saif Al-Ramhi said that a daily reduction of 1 million barrels will be enough to stabilize the oil market and maintain prices acceptable to all producers. — (Mena Report)
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