You are here: Home » Reuters » News
Business Standard

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 ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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