One of the biggest reasons for the slide of oil prices is the “irresponsible” supply from producers outside OPEC, the United Arab Emirates oil minister said in a speech on Sunday.
Suhail Bin Mohammed al-Mazroui was addressing the opening of a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.
“The world has witnessed a big decline in prices which has and will constitute a big economic burden…One of the big reasons is the irresponsible production of some producers from outside OPEC.”
Mazroui also said the recent decision of OPEC not to cut its production was correct. “It was a correct and strategic decision. We are fully confident of the last decision of OPEC.”