[chemgear]

Originally Posted by FlameOn

OPEC member speak regarding the lower price of oil. Member from UAE states they do not plan to cut production even if oil drops to $40/bbl.



http://money.cnn.com/2014/12/14/news...ice/index.html

A few more details of the comments:

http://www.bloomberg.com/news/2014-1...ops-to-40.html

“We are not going to change our minds because the prices went to $60 or to $40,” Mazrouei told Bloomberg yesterday at a conference in Dubai. “We’re not targeting a price; the market will stabilize itself.” He said current conditions don’t justify an extraordinary OPEC meeting. “We need to wait for at least a quarter” to consider an urgent session, he said.

“We will not have a real picture about oil prices until the end of the first half of 2015,” El-Badri said. Price will have settled by the second half of next year, and OPEC will have a clear idea by then about “the required measures,” he said.

OPEC kept its target unchanged last month because the group was uncertain whether a cut ranging from 1 million to 1.5 million barrels a day would have boosted prices, El-Badri said. The group wasn’t seeking to put pressure on the U.S. or Russia by maintaining output, he said.

“Our expectation in OPEC is that after 2020, the oil industry in the U.S. will decline” due to the nation’s low reserves, he said. The U.S. won’t become self-sufficient in oil and will continue to depend on Middle Eastern supply, El-Badri said.