2023-07-05 12:36:00
Wednesday, July 5, 2023 – 4:36 PM
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Vienna, July 5, WAM/ His Excellency Suhail bin Muhammad Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, said that the voluntary reduction of oil production from OPEC member states and outside them contributed to the stability of the global oil market and achieving a balance between supply and demand.
Al-Mazrouei added, in statements to the Emirates News Agency, WAM, on the sidelines of the activities of the eighth international OPEC conference, which kicked off today in the Austrian capital, Vienna.. that the oil-producing countries see the actual market and the real demand for oil and what speculators and traders see in the markets.. pointing out The inconsistency and lack of clarity of information causes fluctuations in the global oil market.
His Excellency pointed out that the periodic meetings of “OPEC” and “OPEC +” always contribute to reducing fluctuations and balancing markets through cooperation and joint effort in light of these countries producing regarding 40% of global oil production, but they contribute significantly to the balance and stability of the market.
His Excellency Suhail Al Mazrouei said: “We are constantly working through periodic meetings to monitor the markets and monitor changes on the ground with the aim of taking effective measures in a timely manner that would enhance the stability of the oil market and support economic development paths worldwide.”
He stressed that oil-producing countries are more familiar with this market than speculators and traders, and said: “We are trying to reflect the realistic picture of the balance of demand with supply through data and figures issued by independent sources, which gives credibility and balance in decision-making.”
He added that the UAE is one of the major exporters in the “OPEC +” alliance and plays an important role in supporting the organization’s efforts and decisions issued by it, which serves 8 billion people around the world who depend on oil and gas, with a commitment to voluntary reduction of oil production, which is reflected in the stability of the market.
Asim Al-Khouli / Ahmed Al-Nuaimi
1688564763
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