The UAE has actually reduced its crude oil output in response to the agreement the OPEC reached on 24 October to slash its production ceiling by 1.5 million barrels per day as of current November, H.E. Mohammed bin Dhaen Al Hamili, UAE Minister of Energy, announced today.
"Talking about a new round of cutting oil output is premature as the oil group will meet again on 17th December in Algeria to review the situation in the world oil market," Al Hamili told reporters on the sideline of the International Petroleum Exhibition and Conference (ADIPEC) which opened here today.
"Fluctuations in oil prices don’t have impact on long term oil projects," he added.
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