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UAE Min. blames "irresponsible production" for decline in oil prices

ABU DHABI, Dec 21 (KUNA) -- One of the main reasons for the current fall in oil prices is "irresponsible" production from non-OPEC producers, the UAE oil minister said here on Sunday.
Addressing the Tenth Arab Energy Conference sponsored by the OAPEC, Minister Suhail Al-Mazroui called for an agreement on some steps to be taken to maintain balance at the oil market in order to encourage investments at Arab markets.
Al-Mazroui's call was part of his opening speech during the Organization of Arab Petroleum Exporting Countries (OAPEC) meeting that kicked off here on Sunday and runs until Tuesday in Abu Dhabi.
It is significant to hold this conference at a time when the OAPEC faces hard conditions due to the current fall in oil prices after the meeting of OPEC last month in Vienna in which the cartel decided not to cut its production, he said.
"The world has witnessed a big decline in oil prices since summer, thus posing a big economic burden to our Arab oil-exporting countries," he added.
Such hard circumstances enhance the importance of holding this conference which is considered an opportunity to discuss all these issues to strengthen the future role of the Arab countries at the global oil markets, and to bring prosperity and progress to Arab economies and peoples, he noted. Mazroui believed that the recent decision of OPEC not to cut its production was correct, in spite of all challenges facing oil markets, hailing it as a correct and strategic decision.
He expressed his hope that other producers could control their future shares so as to maintain balance at oil markets.
The conference is attended by oil and energy ministers from Arab countries, representatives from regional and international organizations specialized in the field of energy, as well as representatives and experts from Arab and international companies operating in the oil, gas and energy industry.
Kuwaiti in participating in the event with a delegation that includes Minister of Oil and Minister of State for National Assembly Affairs Ali Al-Omair, Minister of Public Works and Minister of Electricity and Water Abdulaziz Al-Ibrahim as well as representatives from the public and private sectors. (end) ash.hm