By: Ramy Sameeh
Abu Dhabi - Mubasher: UAE Energy Minister Suhail Al Mazroui said on Tuesday that all OPEC member states will be forced to freeze their oil production.
Al Mazroui told reporters on the sidelines of energy event that the current prices will force everyone to settle their production.
Saudi Arabia, Russia, Qatar and Venezuela agreed last month to freeze their oil production at January’s levels provided that other producers to follow suit.
Oil prices tumbled sharply by 70% from their highest level in June 2014 to reach $30 a barrel due to oversupply and limited demand.
The minister predicted more prices rise in the future but he refused to set a fair price, adding that the current prices are still inappropriate.
