UAE reduces oil output

November 3rd, 2008 - 7:04 pm ICT by IANS  

Abu Dhabi, Nov 3 (IANS) The United Arab Emirates (UAE) has reduced its crude oil output in accordance with the agreement reached by the Organization Of Petroleum Countries (OPEC) Oct 24, WAM reported Monday.The decision was announced by UAE Energy Minister Mohammed bin Dhaen Al Hamili. OPEC decided to reduce its production ceiling in the month of November by 1.5 million barrels per day.

“Talking about a new round of cutting oil output is premature as the oil group will meet again Dec 17 in Algeria to review the situation in the world oil market,” Al Hamili told reporters on the sidelines of the International Petroleum Exhibition and Conference (ADIPEC) here.

“Fluctuations in oil prices do not have impact on long-term oil projects,” he added.

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