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Output freeze plans already put in gear – UAE Oil Minister Mazrouei

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Speaking to reporters in Abu Dhabi on late-Monday, UAE Oil Minister Suhail Mazrouei noted that the UAE has already implemented output freeze plans agreed by a number of major oil producing countries in order to reduce global market glut.

    Key Quotes:

    Current prices are forcing everyone to freeze. So I think it is happening as we speak

    It does not make any sense for anyone to increase production at current prices

    We hear about a meeting. I have not received an official invitation for an OPEC and non-OPEC meeting

    If there is an invitation, the UAE is always cooperating within OPEC
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