OPEC Response on Oil Price

United Arab Emirates Energy Minister Suhail al-Mazrouei spoke in Abu Dhabi on Tuesday saying, "OPEC will no longer move to shore up crude prices." In November OPEC decided to maintain its production of 30 million barrels per day in spite of the falling oil prices. Analysts say that the UAE hopes to force higher-cost shale oil producers out of the market. Shuhail al-Mazouei told participants in the Gulf Intelligence UAE Energy Forum, "We have seen the oversupply, coming primarily from shale oil, and that needed to be corrected."