U.A.E. Says Oil Collapse Will Force All Producers to Cap Volumes
- Consensus on production freeze necessary before OPEC can meet
- Raising output in short term `is not practical,' Mazrouei says
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The oil-price collapse will compel all producers to freeze output and no early OPEC meeting can take place without such a move, the United Arab Emirates’ energy minister said.
“This is the reality,” Suhail Al Mazrouei said Tuesday in Abu Dhabi. “Current prices will force everyone to freeze production; stubbornness doesn’t make sense.”