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OPEC Not Solely Responsible for Oil Prices: UAE Energy Minister

© AP Photo / Hasan JamaliMen work on an oil pump during a sandstorm that blew in Thursday, Jan. 8, 2015, in the desert oil fields of Sakhir, Bahrain
Men work on an oil pump during a sandstorm that blew in Thursday, Jan. 8, 2015, in the desert oil fields of Sakhir, Bahrain - Sputnik International
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The United Arab Emirate’s Minister of Energy Suhail Mazrouei says OPEC is not the only actor responsible for sliding global oil prices and the organization cannot continue protecting a certain price.

MOSCOW, January 13 (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) cannot continue to be perceived as the only entity responsible for global oil prices, the United Arab Emirate’s Minister of Energy Suhail Mazrouei said Tuesday.

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The statement was made during the Gulf Intelligence UAE Energy Forum on Tuesday in Abu Dhabi.

«(OPEC) cannot continue protecting a certain price. That is not the only aim of OPEC," Mazrouei was quoted as saying by the Wall Street Journal. «We are concerned about the balance of the market but we cannot be the only party that is responsible to balance the market."

On Tuesday, the price of the West Texas Intermediate (WTI) oil, the US benchmark, and Brent crude oil, the global benchmark, hit their lowest point since April 2009.

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Oil prices have been declining since the summer amid market oversupply. During a November 2014 meeting OPEC announced they would not change oil output levels, triggering a further drop in global oil prices.

On Monday, the US bank Goldman Sachs published its 2015 oil forecast. According to the bank, the Brent price could fall to $43 per barrel over the next six months and the WTI price decline to $39 per barrel.

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