OPEC’s Market Share “at good level”
OPEC’s share of the Crude Oil market is at a good level, United Arab Emirates (UAE) Energy Minister Suhail bin Mohammed al-Mazroui said as the producer group continues to contend with low Crude Oil prices.
“Regardless of the different views on the oil market, we see that the OPEC current market share is at a good level,” Mr. Mazroui said.
Mr. Mazroui also said he believed that any future decision on Crude Oil production would require full participation from all members of the Organization of the Petroleum Exporting Countries + other major producers.
“We acknowledge and understand the market challenges, but in my view our sector is resilient to overcome it and achieve stability soon,” Mr. Mazroui added without elaborating.
OPEC members will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on 26-28 September.
Saudi Arabian Energy Minister Khalid Al-Falih said last week that he does not believe significant intervention in Crude Oil markets is necessary at this time.
|HeffX-LTN Analysis for OIL:||Overall||Short||Intermediate||Long|
|Neutral (-0.13)||Neutral (-0.05)||Neutral (0.03)||Bearish (-0.39)|