ABU DHABI: It is premature to decide whether OPEC should lower its oil output target when it meets in late November, United Arab Emirates oil minister Suhail bin Mohammed al-Mazroui said on Tuesday.
Last week, OPEC secretary-general Abdullah al-Badri said he expected the group to lower its output target.
He was speaking following a meeting with Russian Energy Minister Alexander Novak, after Brent crude prices fell below OPEC's preferred level of $100 a barrel.
But on Tuesday, Mazroui told reporters on the sidelines of
an aluminium industry conference in Abu Dhabi: "It is premature to decide we will meet to discuss and agree on measures.
"We still have two months to monitor. Once we meet we will make sure our supply meets demand."
Mazroui also said non-OPEC producers had a responsibility towards production. "We are one third, they are two thirds, so they have a responsibility."
Russia is not a member of OPEC, and Novak said after meeting Badri last week that Russia did not discuss any coordination on oil prices with OPEC.
Saudi Arabian Oil Minister Ali al-Naimi on Monday appeared to downplay worries about the impact of lower oil prices.
Asked by Reuters while in New York if he was concerned about the recent price declines, he said: "Why are you worried about the oil market?" He declined to comment further. (Reuters)
