OPEC cannot protect world oil prices: UAE

OPEC cannot protect world oil prices: UAE
January 13, 2015 - 12:31 AMT

PanARMENIAN.Net - OPEC cannot protect world oil prices which have plunged since June, the United Arab Emirates said on Tuesday, Jan 13, arguing that rising North American shale oil output needed to be curbed, AFP reports.

"We cannot continue to be protecting a certain price," UAE Energy Minister Suhail al-Mazrouei said. "We have seen the oversupply, coming primarily from shale oil, and that needed to be corrected," he told participants in the Gulf Intelligence UAE Energy Forum in Abu Dhabi.

Oil prices continued their slide towards six-year lows in Asian trade on Tuesday. Brent crude for February delivery fell 75 cents to $46.68 a barrel -- its lowest level since April 2009. On Monday, it plunged more than five percent to end below $50.

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AFP. OPEC cannot protect oil price: UAE minister
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