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OPEC CANNOT PROTECT world oil prices which have plunged since June, the United Arab Emirates said today, adding that rising North American shale oil output needed to be curbed.
World prices have been falling since June, but the pace of the slide accelerated in November when the Organisation of the Petroleum Exporting Countries (OPEC) decided to maintain its production unchanged at 30 million barrels per day.
Yesterday, oil prices hit a six year low. While we are seeing the benefits at the pumps, analysts say that richer OPEC members like the UAE have been ready to accept the price fall in the hope that it will force higher-cost shale producers out of the market.
No protection
“We cannot continue to be protecting a certain price,” UAE Energy Minister Suhail al-Mazrouei said.
“We have seen the oversupply, coming primarily from shale oil, and that needed to be corrected,” he told participants in the Gulf Intelligence UAE Energy Forum in Abu Dhabi.
Oil prices continued their slide towards six-year lows in Asian trade today after Brent crude closed below $50 a barrel the previous day for the first time since April 2009.
The fall came after Wall Street investment titan Goldman Sachs slashed its price outlook, adding to anxiety about global oversupply, weak demand and soft growth in the key Chinese and European markets.
In Ireland today, the average price for petrol is €129.9c, while Diesel comes in at €121.9c, a far cry from prices a few months ago, approaching the €1.60c mark.
The International Energy Agency shows here that there has been a huge increase in the supply of oil, which is driving down the price.
Oil prices
Brent crude for February delivery fell $1.33 to $46.10 a barrel — around its lowest point since April 2009.
US benchmark West Texas Intermediate shed $1.13 cents to $44.94 — its weakest level since March 2009.
Mazrouei said the UAE remains “concerned” about balance in the oil markets but “cannot under any circumstances be the only party responsible,” in reference to rising output from non-OPEC members.
Oil producers outside the cartel should be rational in increasing output, he said, insisting that current prices are not sustainable.
“We are telling the market and other producers to be rational, to be like OPEC and look at growth in the market,” Mazrouei said.
- © AFP 2015 Additional reporting Christina Finn
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Did you know that if you stand on the Great Wall of China you can actually see the moon.
Not if he’s in Korea.
Brilliant …. love this sort of story. Will I be able to see it in Newbridge? If so I’ll be out with my jacket and a scarf (bloody well cold up here compared to Cork) and a cuppa to have a look
Wondering the same thing myself Eileen!
Download the iss app to your phone Eileen -I am also in newbridge and its a brilliant app -alarm goes off to let you know when its due to pass -I’ll be out tonight looking up at it -crutches and all
Naas is on the line
The moon being upside down is surely a bigger story!
Vews (and photos) through a telesope are upside down. Same with view through one’s eyes but the brain turns them up “the right way”. Someone just forgot to flip the photo.
There was an experiment years ago where people were given spectacles which showed everything upsidedown. It took a couple of days but eventually their brain adjusted so they could see normally! They had a few more unpleasant days when they stopped using the glasses.
Clear sky over Dublin tonight, is the moving station visable with the human eye?
It’s easily visible with the human eye. To ne honest it looks like a very large shooting star in my opinion. I have used a basic pair of binoculars and made out good detail.
It is extremely bright in the night sky, moving at a fairly fast pace. You can’t miss it.
That is no moon!
I wll tell the kids it’s the Emporers Shuttle arriving :-)
Lol, he’s just here for a look around… We’ll send him packing, probably would like it much like the airwaves adds.
Oh so that’s the moon! Thanks Journal!
Pass the beer nuts please
Do you live in the west? Cloud cover?
That’s my thursday evening sorted so :)
Grand, my boss lives in the moon. I will tell her to have her coins ready so she doesn’t miss this one…
Astronomy Ireland have a page showing where this will be visible here
I’m delighted that the picture above is captioned.
Just saw it passing by. That was very cool! Thanks for the tip off. It was moving a lot faster and much brighter than I thought!
bet ya €5 the clouds come out to watch as well always the same frigging irish weather
I’m so excited!
Will a person not on the line see the station at all ? I remember when the shuttle flew over after launch and most people could see it. What’s different here ?
Thanks Ciara
Clouds in Dublin as per usual. Caught a glimpse but nowhere near the moon.
Stupid cloud about to obscure the moon at 20.48 grrrrr
Got some pics and a video so a very happy camper here.
Cool. Anyone interested space x are the new movers in space exploration and they have some cool ideas if you like these type of things.
Just spent past hour and a bit looking to the sky’s on lovely clear night and didn’t see a thing:( glad didn’t spend good money on that ha
have your say