News Column

UAE and Opec to meet world oil demand: Al Mazrouei

June 11, 2014

Minister of Energy Suhail bin Mohammed Faraj Fares Al Mazrouei has said that the UAE and members of the Organisation of the Petroleum Exporting Countries (Opec) are committed to meeting the world's oil demand.

The minister said in a statement before his departure to attend the 165th Opec meeting in Vienna today that the meeting aims to ensure continued stability in the oil market at a time "filled with uncertainty".

Al Mazrouei also said that Opec members have been satisfied with the stability of oil prices recently, and that Opec ensures that the market is kept well-supplied with oil at all times.

Oil reserves in most consuming countries are at a satisfactory level and face no supply shortages, said the minister, adding that Opec should continue to monitor the market closely to ensure balance and stability in the oil market.

Since the last Opec conference in December 2013, oil price rates ranged from about $100 per barrel for Texas light sweet crude and $110 for UK Brent.

On the sidelines of the meeting, the UAE Energy Minister will present a commemorative plaque of the Sheikh Zayed Grand Mosque, which will be displayed with other gifts from member countries in the headquarters of Organisation of the Petroleum Exporting Countries.

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Source: Khaleej Times (United Arab Emirates)

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