OPEC Deision Still Hot Topic

The UAE's minister of petroleum and mineral resources, Ubayd Bin-Sayf al-Nasiri, announced that OPEC would review its earlier decision to slash production if the current surge in oil prices continues. The minister added however that no decision on production levels would be taken before the forthcoming OPEC meeting on 31 March in Vienna.

Al-Nasiri, who made his remarks shortly after a meeting with Einer Steensnaes, Norwegian oil and energy minister, stressed that rising prices were not triggered by the OPEC's decision to cut production because that decision would come into effect on the 1st of April. The minister pointed out that OPEC countries will abide by their quotas, but did not rule out the possibility of some producers being lured by soaring prices.

"As far as the UAE is concerned, we will strictly abide by our quota," he said.