United Arab Emirates: OPEC cannot "protect" oil prices anymore

The Brent crude oil fell on Tuesday to slightly over USD 47 in London, while in New York, the WTI stood below USD 45 –both record low prices since 2009. The price of the Venezuelan crude oil barrel was USD 115 last June

The Organization of Petroleum Exporting Countries (OPEC) can no longer "protect" crude oil prices, in free fall since last June, stressed on Tuesday Minister of Energy of the United Arab Emirates Suhail bin Mohammed al-Mazroui, who blamed large production of shale oil -which needs to be "corrected" in his view- for the slump in oil prices.

The United Arab Emirates, an OPEC member, and other Member States of the organization, including leading Saudi Arabia, would be willing to accept a low price to leave shale oil producers out of the market, specially the United States, according to some analysts.

"We cannot continue to protect a specific" price level, stated Minister Mazroui, in reference to the OPEC, during an oil industry forum held in Abu Dhabi.

The Brent crude oil fell on Tuesday to slightly over USD 47 in London, while in New York, the WTI stood below USD 45 –both record low prices since 2009. The price of the Venezuelan crude oil barrel was USD 115 last June, AFP reported.

Source: http://www.eluniversal.com/