The Saudi oil minister Ali al-Nuaimi said on Sunday, December 21, that he was “convinced” that the courses were up and blamed the collapse of the crude on “the lack of cooperation” with non-member countries of the Organization of Petroleum Exporting countries (OPEC).
“I am convinced that oil markets will recover and that prices will go up,” said Mr. Nuaimi, whose country is the leader of OPEC, at a forum on energy held in Abu Dhabi, United Arab Emirates.
The Minister of the UAE energy, Suhail Al Mazroui, for his part said that the excess of non-OPEC producing countries was behind the falling prices. “One of the main reasons [for the decline] is irresponsible production of certain producers outside of the organization”, accused such states the Minister in front of the forum participants.
The price of black gold have lost about 50% since mid-June, charged by the abundance of supply, strengthening the dollar and weak demand amid slowing global economy. OPEC decided in late November to keep its production ceiling to 30 million barrels per day, which largely contributed to falling prices. Oil revenues provide up to 90% of income for most of the Gulf monarchies.