The Deputy Minister of the UAE hopes that the period of low oil prices will not last

The Deputy Minister of the UAE hopes that the period of low oil prices will not last


The principled position of the UAE – not to try to influence oil prices by decreasing or increasing the volume of production, said Deputy Minister of economy Abdullah Ahmed al Saleh. He also said that he expects that the prices at current levels will not last.

DUBAI, 29 Dec. Yulia Troitskaya. The Deputy Minister of economy of the UAE Abdullah Ahmed al Saleh hopes that the period of low oil prices will not last long.

“We expect these oil prices won’t last long,” the Deputy Minister said in an interview.

He recalled that the principled position of the United Arab Emirates (OPEC) — do not try to influence oil prices by decreasing or increasing the volume of production.

“The regulatory function in this process is for the global supply and demand. We believe that this policy of non-intervention in determining the price of oil is preferable, and hope for their alignment,” added al Saleh.

OPEC at a meeting in December he retained the quota for oil production at 30 million barrels a day, and decided to keep the actual production level, which exceeds the quota by 1.5 million barrels a day. This decision caused another collapse of oil prices in the month of December the price of Brent fell to 36 dollars per barrel, WTI – below $ 35 per barrel.

Full text of the interview read on ria.ru.