UAE energy minister: OPEC was no longer able to “protect” oil prices

Baku. 13 January. "OPEC was no longer able to “protect” oil prices". Report informs citing France Press, UAE energy minister Sohail al Mazroeui said today.

The ruble was quick to react to the news, losing more than 2 percent in early trading on the Moscow market. The Russian currency was trading at 64.93 to the dollar and 76.94 to the euro at 11:00 am local time.

UAE Oil Minister Suhail Mohammed Faraj Al Mazroui said OPEC was no longer able to “protect” oil prices.

“ OPEC cannot continue protecting a certain price. That is not the only aim of OPEC,”he said at a Gulf Intelligence energy event in Abu Dhabi. We are concerned about the balance of the market, but we cannot be the only party that is responsible to balance the market,” Sohail Al Mazroui said.