Non-OPEC producers called on to cut oil output after rout

Oil producers outside of OPEC should cut output with excess supplies harming the market, the United Arab Emirates energy minister said.
The oil market is oversupplied by 2 million barrels a day, Mohammed Al Sada, Qatar’s energy minister, told Bloomberg at a conference in Abu Dhabi.
The Organisation of Petroleum Exporting Countries has produced about 30 million barrels a day since January 2013 while global output climbed more than 2 million barrels a day to 93.6 million barrels, according to data compiled by Bloomberg.
“We call on all other producers to stop the increase because the increase is harming the market,” UAE energy minister Suhail Al Mazrouei told Bloomberg at the conference. “If the increase stops, and they follow OPEC’s lead, OPEC’s decison is to fix production, if production stablizes in 2015 things will stablize much faster.”
Brent oil prices tumbled 45 percent this year. OPEC decided last month to keep production unchanged at 30 million barrels, resisting calls from cash-strapped Venezuela that the group needs to stem the rout in prices.
“Irresponsible production from outside OPEC is behind the fall in prices,” Mazrouei said in a speech at the conference. The market will improve over time.