{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Oil market needs \u0026#39;more time\u0026#39; to stabilise, says UAE energy minister' data-url='/boclips/videos/5c54c060d8eafeecae14a4a7' data-video-url='/boclips/videos/5c54c060d8eafeecae14a4a7' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nOil market needs \u0026#39;more time\u0026#39; to stabilise, says UAE energy minister\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eThe UAE's energy minister says the oil market needs \"more time\" to stabilise, in the wake of plummeting prices.Values have halved since late June.It's dominated discussions at the annual Gulf Intelligence UAE Energy Forum in Abu Dhabi....\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThe UAE's energy minister says the oil market needs \"more time\" to stabilise, in the wake of plummeting prices.\u003cbr/\u003eValues have halved since late June.\u003cbr/\u003eIt's dominated discussions at the annual Gulf Intelligence UAE Energy Forum in Abu Dhabi. \u003cbr/\u003eUAE Energy Minister Suhail Mohammed Al Mazrouei takes to the stage at an annual energy forum, attended by representatives from some of the biggest oil companies.\u003cbr/\u003eAmid plummeting prices, they're debating what needs to be done to stabilise the market.\u003cbr/\u003eOil prices have shed nearly half their value since late June.\u003cbr/\u003eThis left benchmark US oil values at below 45 US dollars per barrel - the lowest level since May 2009, when America was still in recession.\u003cbr/\u003eAt its most recent meeting late last month, the 12-member OPEC decided to keep its output target unchanged.\u003cbr/\u003eA cut might have helped lift prices, but it also could have hurt members' market share in the face of rivals, which increasingly include the United States thanks to its oil-shale boom.\u003cbr/\u003e\"We cannot continue just protecting a certain price. That is not the only aim of OPEC and sensible producers and I don't want to talk, I am not the spokesman of OPEC,\" says Al Mazrouei. \u003cbr/\u003e\"I would like to talk about the United Arab Emirates. We are concerned about the balance of the market but we cannot under any circumstances be the only party that is responsible to balance the market.\"\u003cbr/\u003eSaudi Arabia maintains it is opposed to cutting production because of fears its market share could erode.\u003cbr/\u003e\"What's going to happen by not panicking and readjusting or cutting the output from the OPEC countries, we are telling the market that and the other producers that they need to be rational. They need to be like OPEC. They need to look at the growth in the international market for oil and they need to cater the additional production for that growth,\" says Al Mazrouei. \u003cbr/\u003eAl Mazrouei later tells journalists: \"The decision was not to, to leave the market to stabilise itself. The market will need more time. It is not rational to meet or to do anything in this near time so most probably we are going to wait until our meeting in June. And lets not jump to conclusions.\u003cbr/\u003e\"Everyone needs to take measures but those who are producing the most expensive oil: rational and the rules of the market says that they should be the first to pull or reduce their production. They are the swing. They are supposed to be the swing producers and if the price is right for them to produce then fine let them produce.\"\u003cbr/\u003eAP Television\u003cbr/\u003eAbu Dhabi - 13 January 2015 \u003cbr/\u003e1. Mid of UAE Energy Minister Suhail Mohammed Al Mazrouei and moderator\u003cbr/\u003e2. Tilt down from sign reading: (English) \"The Gulf Intelligence UAE Energy Forum 2015\" to Al Mazrouei\u003cbr/\u003e3. Close-up of audience\u003cbr/\u003e4. Pan from moderator to Al Mazrouei\u003cbr/\u003e5. Pan from audience to Al Mazourei\u003cbr/\u003e6. SOUNDBITE: (English) Suhail Mohammed Al Mazrouei, UAE Energy Minister:\u003cbr/\u003e\"We cannot continue just protecting a certain price. That is not the only aim of OPEC and sensible producers and I don't want to talk, I am not the spokesman of OPEC. I would like to talk about the United Arab Emirates. We are concerned about the balance of the market but we cannot under any circumstances be the only party that is responsible to balance the market.\"\u003cbr/\u003e7. Wide of forum\u003cbr/\u003e8. Mid of Al Mazrouei \u003cbr/\u003e9. Wide of Al Mazrouei and moderator\u003cbr/\u003e10. Pull focus from audience to Al Mazrouei\u003cbr/\u003e11. Close-up of audience member \u003cbr/\u003e12. SOUNDBITE: (English) Suhail Mohammed Al Mazrouei, UAE Energy Minister\u003cbr/\u003e\"What's going to happen by not panicking and readjusting or cutting the output from the OPEC countries, we are telling the market that and the other producers that they need to be rational. They need to be like OPEC. They need to look at the growth in the international market for oil and they need to cater the additional production for that growth.\"\u003cbr/\u003e13. Wide of forum\u003cbr/\u003e14. Various of former Lebanese prime minister Fouad Siniora addressing audience\u003cbr/\u003e15. Mid of Al Mazrouei in audience       \u003cbr/\u003e16. SOUNDBITE (English): Suhail Mohammed Al Mazrouei, UAE Energy Minister\u003cbr/\u003e\"The decision was not to, to leave the market to stabilise itself. The market will need more time. It is not rational to meet or to do anything in this near time so most probably we are going to wait until our meeting in June. And lets not jump to conclusions. Everyone needs to take measures but those who are producing the most expensive oil: rational and the rules of the market says that they should be the first to pull or reduce their production. They are the swing. They are supposed to be the swing producers and if the price is right for them to produce then fine let them produce.\"\u003cbr/\u003e17. 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