12 October 2016, Dubai — The United Arab Emirates’ energy minister said on Wednesday that OPEC members were committed to working with other oil producers to balance the oil market and there is a realization that an oil price of $40 is not sustainable and needs to rise.
“I think there is a commitment not only from OPEC but from Russia … this is now more of a market and international responsibility and we are all committed in OPEC to work with others to find a solution,” Suhail bin Mohammed al-Mazrouei told reporters at the World Energy Congress in Istanbul.
“There is a realization that the oil price of 40 dollars is not something that is sustainable. We need to work towards something higher than that,” he said.
“Let’s not expect huge changes and leaps. We need to be realistic,” Mazrouei added, saying that the oil market was moving towards a correction day by day.
*Rania El Gamal; Nick Tattersall – Reuters