Saudi Arabia and UAE blame oil rout on countries outside Opec - FT.com
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Ahead of last month’s Opec meeting in Vienna, Mr Mazroui told the Financial Times: “Yes, there is an oversupply but that oversupply is not an Opec problem.”
He also said that non-Opec countries and high-cost production — such as oil from US shale fields — should play a role in balancing the market. Lower prices would help cut excess supplies from more expensive oilfields while preserving the share of lower-cost Opec producers as well as induce demand. The “market will fix it”, he said in November.