Gulf producers blame oil price on ‘irresponsible’ output

6471823606385377.jpg21/12/2014 (Arab News – KSA): ABU DHABI: Gulf countries on Sunday blamed “irresponsible” non-OPEC producers for a plunge in global crude prices, but voiced confidence that markets would rebound.World prices have fallen almost 50 percent since June, mainly due to a supply glut, the weak global economy and a strong US dollar.UAE energy minister Suhail Al-Mazrouei, in a clear reference to shale and sand oil output from North America and other emerging energy markets, attributed the price dive to “newcomers.”“One of the main causes is irresponsible production by some producers from outside the (OPEC) organization,” he told an energy forum in Abu Dhabi.The global oil market has become increasingly competitive in recent years with the surge in shale and sand oil production from countries outside the decades-old OPEC alliance…

http://www.arabnews.com/news/677661

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