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UAE says OPEC will take "appropriate decision": WAM
[DUBAI] The United Arab Emirates energy minister said OPEC countries would deal with the current fall in oil prices and would take the "appropriate decision", the state WAM news agency reported on Monday.
WAM said Suhail bin Mohammed al-Mazroui did not elaborate on the nature or kind of decision that members of the Organization of the Petroleum Exporting Countries will take when they meet in Vienna on Nov. 27.
WAM also cited Mazroui as saying that lower oil prices "will not constitute a disaster for the UAE", noting that the UAE has managed to diversify its economy away from oil.
Oil prices have fallen 30 per cent since June, with Brent plunging from a high above US$115 and US crude from above US$107.
Brent LCOc1 was trading at US$80.00 a barrel, down 36 cents, by 1400 GMT. The contract hit a one-week high of US$81.61 on Friday. US crude CLc1 was also down 36 cents at US$76.15.