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OPEC need not rush into changing oil pact: UAE

Reuters  |  ABU DHABI 

By Maha El Dahan and Rania El GamalABU DHABI (Reuters) - OPEC need not respond to a rise in oil prices by rushing to change a global supply-cutting pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday.This year's rapid rise in oil prices, which hit $70 this week, is backed by strong demand growth and a fall in oversupply on the back of the OPEC and non-OPEC pact, not only by political tensions, Mazroui said."We don't look at the price in a day and say we are in a point where we need to do changes. We need to give the market time," Mazroui, who holds the OPEC ...

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First Published: Fri, January 12 2018. 19:30 IST