The Minister of Energy and Infrastructure confirms the prominent role of the UAE in an organization "OPEC" And allied "OPEC Plus"
Vienna on July 9/ WAM/ His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, stressed the importance of the role of the UAE in the OPEC and OPEC alliance, “OPEC Plus”, pointing to the UAE’s support for all the decisions of the “OPEC Plus” coalition, with the aim of achieving balance and stability in the global oil markets.
His Excellency stressed in exclusive statements to the Emirates News Agency “WAM” on the sidelines of his participation in the ninth international symposium of the Organization of Petroleum Exporting Countries “OPEC” in Vienna that the UAE policy supports the decisions of the “OPEC Plus” alliance, and valued the vision of the rational leadership in adopting a policy aimed at enhancing the productive capacity of the state.
He said that this production capacity of the markets will enter in time when the market needs, stressing that this expansion will have an impact as an auxiliary factor on market stability and oil prices.
He expressed his satisfaction for the return of the “OPEC” share to the market gradually, pointing out that it did not negatively affect the stability of prices, which proves that the organization and the “OPEC Plus” group were fully aware of the needs of the market.
He expected the group’s share to increase thanks to the expected investments, and the member states like the UAE, which pumped significant investments to increase its productive ability.
He explained that the gradual increases in the volume of production came in a deliberate manner, and it had a positive role that contributed to enhancing balance and price stability at close levels, which remained almost at the same level with a slight increase that reflects the improvement of global demand for oil.
His Excellency appreciated the pivotal role, which is played by the “OPEC Plus” coalition in maintaining the stability of the global oil market, and said: “We believe that this alliance has a great role.”
He explained, “The ministers and the concerned committees meet periodically monthly to consider the needs of the market and evaluate them and take appropriate decisions collectively as a group and not as individual countries.”
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