OPEC Warned Against Making Hasty Decisions
The United Arab Emirate’s energy minister, Al Mazrouei, warned OPEC not to make any hasty decisions in its attempts to stabilize oil markets, emphasizing solutions must be “sustainable.”
OPEC’s 14 members are planning to discuss ways to limit production in order to bump up prices at their meeting planned for Sept. 28, Bloomberg reports. Several oil-producing countries have considered freezing output to cut down the global supply glut that has been ravaging the industry.
"We need to be cautious not to do something that is a quick solution that is not going to last,” Mazrouei says. OPEC’s production hit a record 33.69 million barrels a day in August, just less than a third of global demand, according to Bloomberg data. [Bloomberg]