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UAE Says OPEC Will Take “Appropriate Decision” -WAM

UAE Says OPEC Will Take “Appropriate Decision” -WAM

WAM also cited Mazroui as saying that lower oil prices “will not constitute a disaster for the UAE”, noting that the UAE has managed to diversify its economy away from oil.

The United Arab Emirates energy minister said OPEC countries would deal with the current fall in oil prices and would take the “appropriate decision”, the state WAM news agency reported on Monday.

WAM said Suhail bin Mohammed al-Mazroui did not elaborate on the nature or kind of decision that members of the Organization of the Petroleum Exporting Countries will take when they meet in Vienna on Nov. 27.

WAM also cited Mazroui as saying that lower oil prices “will not constitute a disaster for the UAE”, noting that the UAE has managed to diversify its economy away from oil.

Oil prices have fallen 30 per cent since June, with Brent plunging from a high above $115 and U.S. crude from above $107.

Brent LCOc1 was trading at $80.00 a barrel, down 36 cents, by 1400 GMT. The contract hit a one-week high of $81.61 on Friday. U.S. crude CLc1 was also down 36 cents at $76.15.

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