"I think all the members including Iran have the right to increase their production. I don't think we are going to restrict anyone," Mazroui said.
Such prospects have led oil analysts to downgrade their forecasts in recent days, with Standard Chartered saying prices could drop to $10 a barrel.
Tuesday, January 12, 2016
Oil
CNBC: UAE moves to quash talk of OPEC emergency meet as oil slumps
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Opening the spigots is a calculated move to crush the move toward renewable s ( solar and wind) on the one hand and the marginal producers ( shale oil, deep sea oil etc.) on the other hand. It will fail in the long run, because too many of the world's nations, companies and individuals want to get off the Fossil energy merry-go round, they've had enough. The Fossil energy nations and Corps. though desperately want to keep us addicted to their products.
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