Suhail Al Mazrouei: The UAE is making great efforts to achieve a balance in the global oil market
Vienna on July 9 / WAM / His Excellency Suhail Al Mazrouei, Minister of Energy and Infrastructure, stressed that the UAE is making great efforts that exceed those, which is made by any other product in the world, in order to achieve the balance of the global oil market, stressing that “the state’s policy does not target any party”, and starts from its keenness to achieve the balance of the global market.
This came during his participation in the first round of the ministerial dialogue, on the sidelines of the ninth international symposium of the Organization of Oil Exporting Countries “OPEC”, which started its work today in Vienna, where His Excellency stressed that “the UAE provides more sacrifices in favor of achieving balance and stability in the global oil market.”
His Excellency Suhail Al Mazrouei explained that the decision to reduce voluntary production, which was taken earlier, before OPEC recently returned to the increase in production, was based on a complete understanding and knowledge of the market, and His Excellency demonstrated the feasibility of the decision that there is no increase in oil stocks, considering that “the failure to increase the stocks is a testimony to the health of the UAE decision,” stressing “the decision is sound and in favor of the market balance.” .
His Excellency dealt with the reasons for the UAE’s abuse with decisions to reduce and increase oil production, noting that the country is aware of the needs of the oil market well, and is appropriately dealing with these needs and indicating that the decision to voluntary reducing came under certain circumstances, with prior awareness that production will be increased again in time, adding, “We have our sources to understand the needs of the market,” and pointed out that the stability that the oil market witnessed over time confirms the validity of the decision in favor of promoting the stability of the global market.
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