UAE expecting a larger decline of oil production by countries outside OPEC

MOSCOW, 27 Jan. The Minister of energy of the United Arab Emirates, Sohail bin Mohammed al-mazroui said that oil production by countries outside OPEC, may be reduced due to the current decline in oil prices.

“It is difficult to expect, where will new oil supplies in 2016 to meet expected demand growth to 1.3 million barrels per day. If no clear source of increased supply, will start in the abundance of offers and will decline, even if Iran manages to produce an additional 500 thousand barrels per day,” said the Minister.

“In light of current conditions and prices must not understate the possibility of a larger (than expected) decline in production from other non-member countries of OPEC that are now suffering losses”, — quotes Agency Reuters Minister.