OPEC AND OIL PRICES

UAE Oil Minister Warns that Oil Prices Could Drop to $5/B 

The UAE Minister of Petroleum and Mineral Resources, Dr. Mana Saeed al-Otaiba, has warned that oil prices could drop to as low as $5/B in the absence of cooperation between OPEC and non-OPEC oil producers. In a lecture delivered in Abu Dhabi on 30 March, Dr. Otaiba said that producers inside and outside OPEC had to "do the impossible" to restore prices to previous levels by restraining production....