Business | Oil & Gas
Opec concerned about dizzying drop in oil prices, says UAE minister
Opec is concerned about the dizzying drop in oil prices, said Mohammad Bin Dha'en Al Hamili, UAE Energy Minister, on Friday.
- Agencies
- Published: 17:55 October 23, 2008
Vienna: Opec is concerned about the dizzying drop in oil prices, said Mohammad Bin Dha'en Al Hamili, UAE Energy Minister, on Friday.
"We are concerned. The price fall is very steep. That is of concern to us," he told reporters as he arrived in the Austrian capital for an emergency policy meeting.
But, when asked if the Organization of Petroleum Exporting Countries was going to cut output, he replied: "We'll have to meet first".
Interestingly, Saudi Oil Minister Ali Al Nuaimi refused to be drawn on Thursday on the possibility that Opec will announce a cut to its crude production. Nuaimi said: "Who said anything about a cut?"
Opec hardliner Iran stepped up pressure on Thursday for a controversial cut to crude production with its oil minister Gholam Hossein Nozari calling for output to be slashed by two million barrels per day.
Western leaders oppose such a move, with British Prime Minister Gordon Brown recently saying that any reduction made in a bid to push up oil prices would be "scandalous" at a time when major economies are close to recession.
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