Comments from the UAE oil minister:

  • Says does not see a reason for OPEC to meet so quickly
  • Optimisitic price will stabilize at fair level for producers and customers
  • Everyone is not happy with current prices but market will stabilize itself
  • Not targeting a certain price
  • “We are all in pain” about oil price slide but it was right decision for OPEC
  • We cannot cut production every time prices go down, we should not panic

WTI crude is testing the Asia-Pac low of $56.42. These headlines are certainly not helping