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'UAE committed to output cut decision'
CAIRO - UAE Energy Minister Mohammed bin Da’en Al Hamili has said that the UAE was committed to the decision made by Opec to cut down production by one million barrels per day beginning from January 1, 2005, adding that the decision was made with a consensus of all Opec member states.
In a statement to the Emirates News Agency, WAM, soon after the meeting ended here, Al Hamili said that the decision is aimed at achieving a balance between demand and supply on the international oil market and was not aimed at harming or negatively affecting the interest of consumers and the global economy, adding that the organisation will review the situation on the market during an emergency meeting it approved on January 30 to take the appropriate decision based on the situation.
He said the new Opec decision will bring down the oil reserve which, if allowed to rise high, will threaten oil prices during the second quarter of 2005, adding that Opec will not change the pricing of oil in the dollar.
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