AIRLINK 75.25 Decreased By ▼ -0.18 (-0.24%)
BOP 5.11 Increased By ▲ 0.04 (0.79%)
CNERGY 4.60 Decreased By ▼ -0.15 (-3.16%)
DFML 32.53 Increased By ▲ 2.43 (8.07%)
DGKC 90.35 Decreased By ▼ -0.13 (-0.14%)
FCCL 22.98 Increased By ▲ 0.08 (0.35%)
FFBL 33.57 Increased By ▲ 0.62 (1.88%)
FFL 10.04 Decreased By ▼ -0.01 (-0.1%)
GGL 11.05 Decreased By ▼ -0.29 (-2.56%)
HBL 114.90 Increased By ▲ 1.41 (1.24%)
HUBC 137.34 Increased By ▲ 0.83 (0.61%)
HUMNL 9.53 Decreased By ▼ -0.37 (-3.74%)
KEL 4.66 No Change ▼ 0.00 (0%)
KOSM 4.70 Increased By ▲ 0.01 (0.21%)
MLCF 40.54 Decreased By ▼ -0.56 (-1.36%)
OGDC 139.75 Increased By ▲ 4.95 (3.67%)
PAEL 27.65 Increased By ▲ 0.04 (0.14%)
PIAA 24.40 Decreased By ▼ -1.07 (-4.2%)
PIBTL 6.92 No Change ▼ 0.00 (0%)
PPL 125.30 Increased By ▲ 0.85 (0.68%)
PRL 27.55 Increased By ▲ 0.15 (0.55%)
PTC 14.15 Decreased By ▼ -0.35 (-2.41%)
SEARL 61.85 Increased By ▲ 1.65 (2.74%)
SNGP 72.98 Increased By ▲ 2.43 (3.44%)
SSGC 10.59 Increased By ▲ 0.03 (0.28%)
TELE 8.78 Decreased By ▼ -0.11 (-1.24%)
TPLP 11.73 Decreased By ▼ -0.05 (-0.42%)
TRG 66.60 Decreased By ▼ -1.06 (-1.57%)
UNITY 25.15 Decreased By ▼ -0.02 (-0.08%)
WTL 1.44 Decreased By ▼ -0.04 (-2.7%)
BR100 7,806 Increased By 81.8 (1.06%)
BR30 25,828 Increased By 227.1 (0.89%)
KSE100 74,531 Increased By 732.1 (0.99%)
KSE30 23,954 Increased By 330.7 (1.4%)

imageABU DHABI: UAE Energy Minister Suhail al-Mazrouei said Wednesday it is too early to consider extending an OPEC deal to cut oil output and lift low prices.

"Let's wait a little bit. It's premature to jump" on extending the deal, he told journalists on the sidelines of an oil conference in Abu Dhabi.

Mazrouei said the Organization of the Petroleum Exporting Countries would hold a meeting on January 20 in Vienna.

OPEC and non-OPEC oil producing countries agreed to cap production from January 1, but doubts remain about implementation before data is released at the end of the month.

On Tuesday, oil prices fell sharply for the second straight session on nervousness about the OPEC agreement.

US oil benchmark West Texas Intermediate lost $1.14 to end at $50.82 a barrel, with analysts expressing nervousness about the agreement, which is a major support for the commodity.

Mazrouei also said the UAE would continue to reinforce its production capacity, despite the country earlier announcing it would reduce output.

He said the UAE aimed to reach a production capacity of 3.5 million barrels per day by 2018.

"Countries build spare capacity. And that buffer is needed to have market stability when there is a shortage in the market," Mazrouei said.

In December, UAE's oil giant ADNOC announced it was "committed to meeting new OPEC terms", adding on Twitter that it would "work closely with customers on revised allocations for January".

According to its website, ADNOC manages and oversees oil production of more than 3.15 million barrels per day.

Copyright AFP (Agence France-Press), 2017

Comments

Comments are closed.